Envestors, a subsidiary of Braveheart Investment Group, has closed a £1.4m fundraising deal for Surface Generation Limited (SG), the UK developer of advanced composite manufacturing processes.
Envestors, which was acquired by the AIM listed growth capital specialist Braveheart in October last year, has channelled £1m in SG, with the remaining finance being provided by existing shareholders and the investee’s management team.
Envestors made an initial investment of £425,000 in SG last year, and has now chosen to up its involvement in the company.
Founded in 2002, SG specialises indeveloping reconfigurable technology for the international and aerospace industries.
Murray Steele, chairman of SG, says the new funding will be used to “help fund investment in our advanced processes and exploit new market opportunities globally”.
Geoffrey Thomson, chief executive of Braveheart, said: “This investment is typical of the private fundraising an effective business angel network such as Envestors can achieve for promising businesses. As angel investment plays an increasingly important role in UK recovery, Braveheart and its subsidiaries are well placed to make the most of such opportunities.”