Oxford Genetics secures £150,000 backing from Mercia Fund Management
Funding of the biotechnology company to increase development of its DNA cloning system
Biotechnology business, Oxford Genetics Ltd has raised £150,000 in a deal backed by venture capital firm, Mercia Fund Management, part of the Mercia Growth Fund suite of hybrid funds.
The Oxfordshire-based cloning company provides an innovative system, SnapFast, likened to ‘Lego for DNA’ which simplifies the purchase of synthetic DNA molecules for researchers.
It plans to use the new investment to develop its cloning system to provide insect, plant and yeast DNA and to improve its e-commerce website.
The business is one of many start-ups to benefit from the venture capital fund which offers investment capital through the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS).
CEO of Oxford Genetics and inventor of SnapFast, Dr Ryan Cawood commented: “We were looking for a venture capital fund with experience of biotech start-ups and MFM’s name kept coming up. The investment team has a good reputation in our industry sector and is already adding value.”
Dr Mark Payton, managing director of Mercia Fund Management continued: “The company clearly stood out for us – the SnapFast system and the online business model meet an untapped need in the market.
“Coupled with a strong product roadmap and an exceptional founder, we predict a promising future for this start-up.”