16th December 2022
14 December 2022: Foresight Group (“Foresight”), the leading listed private equity and infrastructure investment manager, has provided a £400,000 growth capital investment into Texture Jet Limited (“TextureJet” or “the Company”) from the Midlands Engine Investment Fund (“MEIF”).
The funding is part of a wider £650,000 funding round, alongside the University of Nottingham and members of the Minerva Angel Investor Group.
Founded in 2019, TextureJet is a University of Nottingham spin-out that has developed a range of patented surface texturing machines for use in manufacturing in the aerospace, medical and automotive sectors.
The process has widespread applications - in the automotive industry, it can apply textures on vehicle door frames, allowing the plastic housing to be attached; and, for medical device manufacturers, it can be used to etch a bespoke pattern onto a replacement joint at high precision. The Company’s machines have been developed to offer a cleaner, easier, more sustainable and cost-efficient alternative to traditional, expensive and often polluting processes.
The founders, Dr Jonathon Mitchell-Smith and Professor Adam Clare, developed and commercialised the technology at the University of Nottingham. Having successfully spun-out of the University, the business is now scaling within the automotive and aerospace sectors. The investment, along with the support from Foresight and MEIF, will enable the management team to fully commercialise their technology.
Commenting on the investment, Dr Jonathon Mitchell-Smith, CEO of TextureJet, said: “We are delighted to have Foresight’s support through the Midlands Engine Investment Fund and look forward to using their experience and expertise in the region. This investment comes at a key stage in our growth journey, and it will be significant in helping us achieve our long-term commercial goals.”
Irfan Ashfak, Investment Manager at Foresight, commented: “TextureJet has developed a truly unique range of machines and is well positioned to benefit from the market opportunities available. There is a need for a flexible, high-precision and non-toxic surface texturing method. We look forward to working with Jonathon and the wider team to support the growth of this innovative, local business.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “Companies such as TextureJet are an excellent example of how the MEIF continues to support innovative and successful university spin-outs to commercialise and therefore support the wider growth of the Midlands region. We encourage other such companies in the region to consider MEIF funding options to support business growth plans.”
This calendar year, Foresight has made over 80 investments into SMEs and, since launching MEIF in 2018, Foresight has supported 28 SMEs in the East and South East Midlands. Foresight, in partnership with MEIF, supports promising SMEs to achieve their business objectives and has enabled 358 high-quality, locals to be created to date.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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