Amount invested: £182,000
Founded in 2010, The Electrospinning Company design, develop and manufacture biomaterials for regenerative medical devices (Sales of service) and laboratory consumables for drug discovery.
Minerva were approached in 2012 at which stage they were a new spin-out from UK government research with 3 employees, prototype products for 3D cell culture for drug discovery and a European grant to develop new technology.
Minerva angels invested £182K in a series of rounds between 2012 and 2018 (while sister group Wroxall has invested £132K). In the same period, the Company has raised £2.5 million and is moving out of a business incubator into purpose-built cleanroom facilities. The Company now offers a design, development and manufacturing service to medical device companies and supplies a novel biomaterial into an orthopaedic device that has been on the US market for over two years.
In addition to the funding raised and invested into the business the Minerva team and the individual investors have been helpful with advice over the life-time of the company.
Advice for entrepreneurs looking for support from Minerva:
Many of the Minerva investors have had ‘coal-face’ experience in different businesses and can provide a wealth of useful advice if you are open and communicative.