Bio-science company Cell Guidance Systems secures £242,000
Stem cell specialist exceeds target by 142% with backing from 139 investors on Crowdcube
Cambridge-based bioscience firm Cell Guidance Systems (CGS) has successfully raised £242,800 using UK equity crowdfunding site Crowdcube, exceeding its funding target by 142%.
139 people invested in the stem cell company to own a share of 12.4% in the business and as part of the investment return will have access to income tax relief of up to 30% through the Enterprise Investment Scheme.
Founded in 2010, CGS works with customers across 20 countries to provide “cutting-edge” research tools that look to simplify and enhance methods that scientists use to develop stem cell treatments and carry out medical research.
It intends to utilise the finance to support its growth plans by investing heavily in its marketing strategy, product development and product licensing.
The funds will also go towards recruiting additional R&D staff.
The news marks another success story for Crowdcube, listed in the 2013 and 2012 Startups 100 index, which claims to have helped 70 British businesses to raise over £14.5m since the company launched in 2011.
Discussing the decision to raise finance using the crowdfunding model, CGS founder Dr Michael Jones commented:
“Setting up the pitch took quite a lot of effort, but we received full support from Crowdcube and the response from investors was amazing. I’m happy that we chose this funding route.”
Crowdube co-founder Luke Lang continued: “Biosciences and stem cell research are a very complex industry and the successful funding clearly demonstrates Crowdcube investors’ growing sophistication and a real appetite for investing in innovative home-grown companies.”
For more information on raising finance through the ‘crowd’, visit our dedicated crowdfunding channel.