Midland law firm Harrison Clark Rickerbys has led a six-figure transaction between Angels4Angels and aviation firm Intercede Ventures, enabling it to develop products and markets.
In association with the University of the West of England (UWE), Intercede Ventures has developed an innovative instrument for measuring the surface condition and drag factors on aircraft and other aerodynamic surfaces.
The invention is set to bring a host of benefits to aircraft operators - including fuel cost savings and other efficiencies, meaning they can lower their carbon footprint.
Graham Mimms Intercede Ventures’ managing director, said: “We are delighted to welcome the support and financial expertise that Angels4Angels brings to our project, enabling us to focus our efforts on further product development and marketing our carbon footprint reduction systems to international markets.
“Through our collaborative working relationship with the international aircraft cleaning manufacturer Chemetall – Intercede Ventures will commence marketing its airline carbon footprint reduction aircraft surface management service in 2016 through Chemetall’s global distribution network.”
Angels4Angels is a group of investors led by Cheltenham businessmen David Cribbin and John Caines.
The group provides a service to individual investors seeking high returns from backing early stage businesses.
“We look for exciting business opportunities led by passionate entrepreneurs and backed by credible lead investors,” said Mr Cribbin, who co-founded Angels4Angels after his own success enabled him to invest in small businesses.
He added: “Intercede Ventures is exactly the sort of business in which we are keen to invest in.
“Their proposition is unique and will add real value to those aircraft operators adopting it.
“The founding directors of Intercede Ventures have well over 100 years of experience in the airline industry at senior managerial and director level.
“Their understanding of, and contacts in the industry further strength the potential of the business.“
Chris Cook, associate solicitor in Harrison Clark Rickerbys’ corporate team, led the transaction.
He said: “It’s great to once again work with Angels4Angels on another promising deal for investors.
“Intercede Ventures already has an established foundation to work from, and with investment has plenty of potential for growth and to strengthen its position in the marketplace.”