17th January 2008
CAT.112
BFM
RECORD BREAKING YEAR FOR CATAPULT
Catapult Venture Managers enjoyed its best year ever during 2007 completing circa £7m of funding in 25 transactions across its three funds.
Managing Director Rob Carroll commenting on their success said: “With funds totaling £80m under our management, the teams worked exceptionally hard to make the most of the opportunities available and the last quarter was particularly buoyant.”
Catapult’s Birmingham office, which runs the £20m Advantage Enterprise and Innovation Fund (AEIF) - funded by Advantage West Midlands and the European Regional Development Fund - has enjoyed a run of completions since September.
He commented: “This included leading a £1.2m investment into Synchro Limited, designers and developers of a unique software package for the construction industry. Synchro, which is based at Coventry University Technology Design Centre, will use the cash injection as working capital and to fund an energetic sales and marketing push to create significant sales traction in the UK - then utilise that success as the ‘launching-pad’ into the lucrative US market.”
Other transactions completed by the AEIF Fund include a £250,000 investment into Michelson Diagnostics Ltd (MDL), a company developing pioneering technology for cancer diagnosis and treatment. It raised a total of £600,000 in this investment round of early stage funding, with the remaining financial backing coming from London Seed Capital and London Business Angels.
Catapult was also a key investor in a £1.6m funding round into Anaxsys Technology Limited, developers of a revolutionary portfolio of products including an asthma monitoring device.
Rob Carroll said: “Our £30m East Midlands Regional Venture Capital Fund (EMRCVF) completed six new deals during 2007 - the latest being Nottingham-based drug development company Zysis Ltd, which is currently working on two exciting drug reformulation products.
“Other transactions included Activ8, which is also based in Nottinghamshire. We have also completed further investments into Nottingham-based Monica Healthcare; and also Haemostatix, which recently moved to BioCity,” he said.
There have also been two significant exits during the year. Transvisual Media Ltd (TVM) was acquired by Soncell Ltd, a manufacturing subsidiary of Bowmer and Kirkland; and De Pack Ltd, was acquired by Personnel Hygiene Services. Both exits provided a successful financial return to both management and Catapult.
Rob Carroll commented: “The EMRCVF investment period ended at the end of January 2008 and this is likely to leave a funding gap in the sub 500k market within the East Midlands.”
At the start of the 2007, Catapult Venture Managers launched its £30 million Catapult Growth Fund with a geographical focus primarily on the Midlands, but with a remit to also invest nationally. The Fund has invested in two businesses to date and can invest between 500k and £2m in UK wide businesses.
Rob Carroll concluded: “Having had a very good last quarter in 2007, the pipeline is very full going forward into 2008.” We are looking forward to further success during this year and will hopefully be backing a significant number of Midland-based businesses.”
- ends –
For further information please contact Rob Carroll at Catapult Venture Managers on 0116 238 8200 or 07976 226252 or Paul Shrimpton at PSPR Ltd on 0121 354 7311 or 07979 505322.
< Back
