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