High Wycombe-based ventilation business Monodraught raises £2.65m
Mainly operating within the education sector, the fresh funds will be used to expand into new markets and increase product development
Monodraught, a High Wycombe-based business that sells ventilation systems, has raised £2.65m after being backed by BGF.
Led by managing director Andrew McCubbin, Monodraught designs, manufactures, installs and maintains ventilation, cooling and lighting systems to create low energy, low carbon and sustainable buildings.
The business works predominately within the education sector and provides a full service, from 3D building simulation analysis through to installation and maintenance.
The latest injection of cash will be used to drive long term growth by expanding into new markets and increasing product development.
Specifically, Monodraught will develop a complete commercial ventilation and cooling product portfolio.
Having partnered with many leading UK universities in research and development, Monodraught says its “recognised as a market leader in sustainable ventilation, cooling and lighting systems.”
Following an introduction by BGF, Monodraught has also appointed Ewan Wilson as non-executive chairman.
Wilson is former managing director of cabling solutions company HellermannTyton Data and current non-executive chairman of Camloc Motion Control.
Andrew McCubbin, managing director of Monodraught, said:
“After several years of growth, we are in an excellent position to expand organically through the rollout of our new products.
“BGF’s long-term approach to investing fits with our plans and aspirations as a business and we are looking forward to the next stage of growth with BGF as our partner.”
BGF’s Mark Nunny, who will join the board of Monodraught, said:
“Monodraught has continually invested in and protected its IP which gives it defensible positions in its chosen markets.
“With BGF funding and the support of Ewan, the management team now has the opportunity to move into new markets and develop complementary technologies to increase its share of wallet on specific projects.
“We are looking forward to working alongside Andrew and the team to support them in delivering their vision.”