Special effects company gain £1m investment
Imagineer, whose special effect technologies have been used in Hollywood blockbusters such as X-Men III and the Pirates of the Caribbean II, have received over £1m of investment.
A syndicate, led by London Seed Capital (LSC) and including South East Growth Fund (SEGF) and Oxford Technology 4 VCT (OT4), has provided funding of £1,000,050 for the company.
The funding round also brought in investment from members of the London Business Angel Network (LBAN).
London Seed Capital initially invested into the company in April 2004, alongside members of LBAN, and introduced the deal to SEGF and OT4.
The three groups and the members of LBAN hold a substantial shareholding in the company, while the company’s management hold the remaining equity.
The company sells advance software tools to the film and video industry and plan to use the money to strengthen its presence in the US market, where they have already enjoyed considerable success.
Imagineer also plan to use its technology to rollout a digital media advertising business for corporate clients.
Its CEO Allan Jaenicke, chairman Bruce Smith and finance director David Miller represented the company in the negotiations.
Mark Boggett from LSC led the deal, Geoffrey Doyle represented SEGF and Matthew Frohn represented OT4.
Boggett said: “We have been invested in Imagineer for a number of years and have been impressed with the dynamic management team.
“The new opportunities being addressed by the company create significant opportunity for rapid and sustained growth.”
© Crimson Business Ltd 2006