Enval shares £7.2m angel windfall
Cambridge University spin-out Enval, has won a share of a £7.2m windfall via the Angel CoFund for UK-basedSMEs.
It is one of the first five investments made under the initiative. No specific figures are being released for the initial investments but they range from £360k to £3.6m. Enval is the only East of England company in the mix.
Enval, now based in Luton, has commercialised technology originally developed at Cambridge University, to build commercial facilities for recovering aluminium from waste laminated packaging.
No effective solution has previously existed for this process which results in the UK alone sending 14,000 tonnes of aluminium to landfill each year.
Business and Enterprise Minister Mark Prisk joined some of the first businesses to receive funding, following the end of a strong first quarter for the Angel CoFund, which was launched last November.
The Government-backed, £50m Angel CoFund invests alongside syndicates of business angels into high potential SMEs from across England. The fund will boost the quality and quantity of business angel investing in England to support long-term, high quality jobs in growing companies. The Angel CoFund is a private sector fund supported by a grant from the Government’s Regional Growth Fund.
Prisk said: “Business angels play a crucial role in supporting new and growing businesses, and the Angel CoFund is helping small firms get the vital funding they need.
“The variety of businesses that are receiving this funding reveals the range of skills and exciting opportunities that are being created today. It is absolutely critical that ambitious small firms can access the finance that they need to expand and grow.
“I am delighted to confirm the first five investments, totalling £7.2 million. The Angel CoFund demonstrates the support that the Government can play in partnership with the UK’s leading business angels, to enable business growth and job creation.”
The investments in each business range from £360,000 to £3.6 million and reflect the wide range of businesses that the Angel CoFund can support across stage, sector and location, with £1.4 million of funding from the Government helping to secure a further £5.8 million from other investors.