LCIF is operated by the University of East Anglia and supported by the European Regional Development Fund. The fund makes early stage investments into small and medium-sized businesses (SMEs) in the East of England that are developing low carbon processes and products. In 2014, LCIF completed a series of investments in low carbon companies, raising an aggregate of almost £7 million in SMEs in the region.
In addition to its Main Fund, LCIF has a Smaller Investments Scheme (SIS) for investments between £25k-£75k. Companies seeking investment through the SIS must meet the same investment criteria as those seeking investment through the Main Fund, but SIS has a streamlined review process during the application stage to make these investments quicker and these investments typically take the form of a convertible loan, rather than equity.
The latest round of funding under the Main Fund will assist:
- Sustainable Marine Energy in developing cost-effective solutions for the tidal energy market.
- BACTEST, selected as SME of 2014 by the Daily Telegraph for its innovative contamination testing product “Speedy Breedy” and its energy saving product for waste water treatment, “Shepherd”.
- Caralon Global in the design and manufacture of polymer core materials and panels for improvement in thermal performance of vacuum insulated panels.
- SupaPass, an innovative digital music platform for music SupaFans to become “Patrons of the Arts” of their favourite Music Artists, in return for VIP access to their behind-the-scenes world and their music.
- TeraView develop terahertz light instruments that can generate, detect and manipulate radiation to characterise a wide range of materials.
- Ebonex, a developer of bi-polar advanced lead acid batteries.
- Oval Medical Technologies, which designs and develops drug delivery devices focusing on vials, prefilled syringes and autoinjectors.
And the SIS investments will assist:
- 99Squared, which is developing an on-line targeted mobile advertising platform.
- Genesius Pictures film & tv production company with a slate of exciting projects.
- Arriba Cooltech design, manufacture & install heat pump heating & cooling plant using natural refrigerants for commerce and industry.
- The Great British Banjo Company, Britain's only banjo factory, making banjos exclusively in the United Kingdom and home of the Shackleton brand.
- Cube CleanTech, which provides building performance optimisation and delivery of sustainable and energy efficient systems in laboratories and bio-medical research facilities.
- Electronic Sound, which publishes digital magazine Electronic Sound.
- Gravitec Sensor Systems, which has developed gradiometer devices which measure differences in gravity and magnetic fields for the purposes of mineral exploration, geological mapping and carbon capture.
- Rapiere Software develop the Rapiere Carbon, Cost and Energy Analysis software system, an innovative web-based building simulation platform designed to allow construction practitioners to simultaneously model the Carbon, Cost and Energy performance of early stage building design.
The Mills & Reeve venture capital team is nationally renowned for its specialist experience and expertise in advising and assisting on complex syndicated investments in early and developing high-tech businesses. Led by corporate finance partner, Zickie Lim, assisted by associate Pippa Pearce, the team has been working closely with LCIF since its launch in 2010.
Kevin Murphy of Turquoise International, fund manager for LCIF, said: “2014 has been another busy year for LCIF and 2015 looks to continue this trend. With such a large number of transactions, Mills & Reeve’s breadth of experience in the early stage investment field and their knowledge of how LCIF approaches its investments has been invaluable in bringing these transactions to a successful close.”
Zickie Lim, said: “we have been delighted to support LCIF through this busy period and look forward to working with Kevin and his team again this year. LCIF is making a real difference in supporting the growing cleantech industry in the East of England and we are thrilled to be a part of this.”
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