Crowded house as Bactest rakes in the cash
Bug busting technology from Cambridge UK startup Bactest has so captured the imagination of investors that initial fundraising targets have been handsomely surpassed and prompted the company to start stockpiling additional funds through the crowd.
Bactest has turned to Cambridge based crowdfunding platform SyndicateRoom to further bolster its war chest.
Bactest’s management, led by CEO Annie Brooking, originally set out to raise £450,000 from existing shareholders and new investors, including the Low Carbon Innovation Fund, Angel CoFund and numerous angels including Patrick Deane and Graeme Porteous. It promptly raised the full sum and flew all the way up to the initial overfunding limit of £600,000.
The board has authorised a round extension of £250,000 due to the demand for shares at this £4.29m pre-money valuation. These funds will be used to grow the business over the next few years, and as part of this extension, it has opened up the round to SyndicateRoom members. So far the total haul raised is £703,780.
Bactest develops and sells products that make use of its proprietary technology that turns microbial activity into data. Its first product, Speedy Breedy, enables companies to test their products for microbial contamination on site, avoiding the need for time-consuming laboratory tests or expensive expert handling, improving companies’ margins and their products’ speed to market.
There has been particularly strong uptake from within the water, food and drink industries. Speedy has only been on the market a few months and has generated £68,000 in revenue.
The company has recruited a number of distributors who have been helping to sell Speedy Breedy into a number of markets, across several geographical territories
Bactest has now started developing a second product, Shepherd. Initial research indicates that Shepherd will be well suited to use by water utilities companies.Bactest, which only launched on SyndicateRoom last week, will close the crowdfunding lid on November 24 so has ample time to add to its autumn harvest.
This isn’t the only oversubscribed round thanks to SyndicateRoom’s pulling power.
E-Go aeroplanes raised £950,000. A prototype aircraft is currently undergoing flight testing and first production models are due to be delivered early in 2015.
Oval Medical raised £1/18 million, Pulsar £618,000 and pee TV venture Captive Media is also well ahead of target. A new face in the Syndicate Room crowd is Cambridge-based PneumaCare whose technology allows clinicians to assess and image a patient’s breathing in real-time, using unique non-invasive and non-contact technology.
It has just gone live with a target of £1m and has already raised almost £590k.