Penningtons Manches Cooper has acted for the Electrospinning Company on its £1.5 million Series A fund raising led by London-based venture capital firm Downing Ventures, alongside VC firm MidVen, Newable Private Investing and the UK Science and Technology Facilities Council (STFC).
Based on the Harwell Science and Innovation Campus near Oxford, the Electrospinning Company was established in 2010 as a spin-out from research undertaken by the STFC. The company uses technology called electrospinning to design, develop and manufacture biomaterials, known as ‘nanofibre scaffolds', which are made from synthetic polymers that are implanted into the human body; providing help for a range of medical patients and procedures, most typically in post-surgery recovery.
Ann Kramer, Chief Executive Officer of the Electrospinning Company, commented:
“We are excited about the prospects this new investment will bring for what we believe are highly flexible and extremely beneficial medical products. We are at an important growth inflection point for our business, as we enhance our technology platform and capacity. The funding will help us maintain the highest possible standards as we grow sales of existing product, increase our customer offer and develop new biomaterials.
“We really valued the support and expertise in venture capital investments provided by Penningtons Manches Cooper. The team were efficient, responsive and commercial throughout and did a great job to help us navigate through the process and get the deal completed.”
Penningtons Manches Cooper’s involvement in the deal is another example of the strength of its venture capital team in advising clients on both venture and growth capital transactions in the technology sector. The team acted on over 90 VC and fundraising transactions in 2018.