Scour Prevention Systems secures £150k investment from a London Business Angel’s super-angel to close its latest £300k round

6 November 2012

Early stage, Lowestoft based offshore structure scour prevention specialist, Scour Prevention Systems, has successfully closed a circa £300k angel funding round which included a new £150k investment by a LBA super-angel alongside a £100k follow on investment by existing LBA investors. The company, which previously raised £100k from London Business Angels (LBA) investors as part of a £350k round in August 2011, is developing a novel IP protected cost effective system for protecting offshore structures from scour, a problem for offshore wind turbines caused by water speeding up around a turbine which gouges out a hole that gets progressively deeper.  The new funds will be used to complete the full scale sea trial of its system with its major commercial partner and secure further patent filings.

Mark Aspinall, Scour Prevention Systems CEO, comments, "LBA always represents a good investment of time for SPS. There are serious investors with clear goals willing to invest in good ideas. The fact that we could demonstrate real progress in the last 12 months clearly helped, and the LBA's team helped ensure that we focussed on the key issues and presented a compelling case".

Anthony Clarke, CEO of London Business Angels, comments, “Scour Prevention Systems presented to the LBA Network on the 5th July  2012 and were able to demonstrate clear and sustainable commercial progress from their original presentation at LBA in July 2011. As a result, they received substantial investor interest on the night. I am pleased that an LBA” super angel “ has invested £150k here alongside a £100k follow on investment  by existing LBA investors. There were a number of disappointed LBA investors who missed out here! We wish the company every success as it completes full scale trials of its system with its major commercial partner.

London Business Angels
Anthony Clarke, Managing Director
Tel: +44 (0)20 7321 5672
E-mail: enquiries@lbangels.co.uk
Web: www.lbangels.co.uk

About London Business Angels

LBA is one of the most experienced private angel networks in the UK. Since the early 1980s the network has been connecting innovating fast growth small and medium sized enterprises with investment through our network of business angel investors. LBA, part of Angel Capital Group, is professionally managed by a highly experienced management team, leveraging over 15 years’ experience in the early stage investment marketplace as established leaders in the development of new angel-led early stage investment initiatives, and nearly 30 years’ investing experience through the LBA network. LBA is a founding member of the British Business Angels Association, the industry's best practice trade association, and is also a member of EBAN, the European Business Angels Network.

About the LBA EIS/SEIS Approved RoundTable Syndicate Funds

The LBA EIS Approved RoundTable Syndicate Fund is the culmination of 30 years’ experience of pioneering innovation in the UK Angel investment market. This FSA regulated HMRC Approved EIS Fund offers LBA Investors an innovative way to acquire a portfolio of investments, while taking advantage of the personal tax relief offered by the Enterprise Investment Scheme. The First £300k LBA EIS RoundTable Fund 2010 was fully invested in January 2011, making four investments in leading edge technologies during the previous year, spread across a range of sectors: Eykona (medtech); Syrinix (cleantech); ipadio (mobile); The Electrospinning Company (nanotech).

Following the successful 2010 Fund, the LBA EIS Approved RoundTable Syndicate Fund 2011-12 closed for subscriptions on 13 May 2011, being 40% larger at £420k. The fund invested in 5 leading edge technologies spread across a range of sectors: Camstent (medtech), Momentum Bioscience (medtech), Phase Vision (high value manufacturing), Michelson Diagnostics (medtech), Isotera (cleantech)

The LBA EIS Roundtable Syndicate Fund 2012, closed for subsciprtions on 5th April 2012 at £455k. The fund invested in 6 early stage companies.

The LBA EIS Roundtable Syndicate Fund 2013, closed for subscriptions on 5th April 2013 at £290k. The fund invested in 6 early stage companies.

The LBA EIS Roundtable Synducate Fund 2014 closed for subscriptions at £695k on 4th April 2014. The fund will seek to co-invest alongside London Business Angels in the next 12 months

The LBA SEIS Roundtable Syndicate Fund 2012, closed for subscriptions on 19th October 2012 and will seek to co-invest across 6-7 SEIS eligible deals alongside LBA investors