Surface Generation in £1.4m deal
Technology development company Surface Generation, based in Rutland, has received investment from a growth capital specialist worth almost £1.4m.
Growth capital fund Braveheart Investment Group invested more than £1m in the business. The AIM-listed organisation closed the deal on behalf of its subsidiary, Envestors. Funds raised amounted to £1m, with the remainder being provided by existing shareholders and the management team.
Surface Generation was advised by the Leicester office of law firm Howes Percival.
Established in 2002, Surface Generation specialises in the composite processing technology field, developing products for industries including the aerospace, automotive and wind sectors.
Murray Steele, chairman of Surface Generation, said: "The money raised through Envestors, existing shareholders and management will help fund investment in our advanced processes and exploit new market opportunities globally."
Geoffrey Thomson, chief executive of Perth-based Braveheart Investment Group, added: "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."
