Businesses in Enterprise Ventures’ portfolio raised £86m on AIM last year

Jonathan Diggines of Enterprise Ventures
Jonathan Diggines of Enterprise Ventures
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BUSINESSES backed by Enterprise Ventures raised more than £86m on the Alternative Investment Market (AIM) in 2015.

Enterprise Ventures, which has an office in Barnsley, now has eight listed companies in its portfolio following the flotation of two biotech businesses during the year – Redx Pharma which raised £15m when it joined AIM in March 2015 and Evgen Pharma which raised £7m in October.

Six more Enterprise Ventures’ portfolio companies raised more than £64m between them through AIM share placings in 2015. They include Xeros Technology Group, the Rotherham business which uses “green” laundry technology, and which raised £40m in November.

Jonathan Diggines, the chief executive of Enterprise Ventures, said: “Over the past decade we have supported some of the UK’s most exciting technology businesses, mainly in the North of England.

“We backed them right from the start, often when they were just an idea; the toughest time to attract funding. Having helped to lay the foundations, the resurgence of the public markets is now enabling us to attract new capital, to build scale and to bring new technologies to market.”

Enterprise Ventures manages funds including Finance Yorkshire’s Seedcorn fund and its Business Loans fund. In 2015 the Seedcorn fund provided a further £700,000 funding for Fast-Form Systems, the Grimsby-based construction systems business, and made significant investments in the York-based social media company Stashmetrics and Sheffield Hallam University spin-out XeraCarb, while the Business Loans fund provided additional working capital to fund growth of Barnsley-based Thornhill Heat Exchangers.

During the year Enterprise Ventures also achieved a number of successful exits, including TransGlobal Payment Solutions, which provides online foreign exchange services and was acquired by the outsourcing giant Equiniti.