A Southampton business specialising in bioplastics and radio frequency technology has raised £1.3m in a share placing to fund future growth.
Biome Technologies has a pipeline of about 15 products in development. It requires growth capital to scale-up and drive a hike in revenue over the next 18 months, with manufacturing set to accelerate in the UK, US and Germany.
Some funding will also go towards investment in sales activities and research and development.
Biome placed 433,337 new ordinary shares at a price of 300p each.
Chief executive Paul Mines said: “Against a background of growing interest in our bioplastics materials, these additional funds will enable the group to proceed with multiple projects to deliver its ambitious revenue growth targets as well as invest in the development of the next generation of high-performance products.”
Mines subscribed for 5,000 shares alongside non-executive chairman John Standen and his wife Kathleen, who also took 5,000 shares each.
Published on insidermedia.com and written by Storm Rannard