Blue Sky Corporate Finance has taken the lead role in arranging an equity investment round of at least £230,000 into Coventry-based Cellfacts Instruments.
Cellfacts manufactures, supplies and maintains advanced precision analysis equipment used in various markets to measure and analyse the microbial content of fluids.
The technology was developed in the West Midlands and almost all of the Cellfacts units manufactured to date have been exported.
The investment will be used to expand the sales and marketing team and to support the working capital needs of the fast-growing business.
The investment has been made by a small number of high net-worth individuals alongside the Early Advantage Fund, an equity investment fund established by AWM and managed by Midven in Birmingham.
Andrew Waterfall, a local entrepreneur, business angel investor and the former chief executive of Improvision, a life sciences business acquired by PerkinElmer in 2007, will join the board as a non-executive director and will assume the role of chairman.
Dr Crawford Dow, managing director of Cellfacts Instruments, said: “The deal secures the immediate growth prospects for the company and we are delighted to welcome the knowledge and experience that Andrew Waterfall will bring to the board.
“The investment process was handled smoothly by Paul Heaven at Blue Sky and we are delighted that he will continue to serve the board in a part-time finance director capacity.”
Duncan Kerr, investment director at Midven, said: “The company has some loyal customers and an impressive pipeline of prospective orders.
“We were pleased that a number of the existing investors, as well as some new ones, contributed to the funding round.
Blue Sky corporate finance managing director Paul Heaven said: “This is a very promising local company that manufactures complex and sophisticated equipment and it exports most of what it makes.
“This has to be exactly the type of company that will help the local economy to recover and prosper.
“It was, as always, a pleasure to work with the truly professional team at Midven and the whole process was made easier by the dedicated management team at Cellfacts, the support and commitment of the existing investors and the enthusiasm of the new private investors.”