11 July 2012
Peratech receives £1.2m investment to expand operations
Touch technology specialist Peratech has received a £1.2million investment from Finance Yorkshire's Equity Linked fund to expand operations, build new laboratory facilities and secure new contracts.
The funding comes in the form of a mezzanine deal – a loan investment with a small equity linked exit bonus, which Peratech says will help grow the business and its innovative Quantum Tunnelling Composite (QTC) technology for the future.
"We're in a strong position in that we don't need the money now as we're capable of organic growth through the customers and contracts we currently have," commented Peratech's chief financial and operations officer Doug Balderston. "But the technology sector grows very fast so leaving it to organic growth alone puts us at a disadvantage because it risks being left behind by competitors."
Peratech recently won a Queen's Award for its QTC technology and a Judges' Special Award at the British Engineering Excellence Awards. Using the money, the company hopes to grow its customer base and increase the value of the business to over £100m during the next three to five years.
Finance Yorkshire is a project financed by the European Union which provides seedcorn, loan and equity linked investments ranging from £15,000 to £2m to help small and medium sized businesses meet their funding requirements for growth and development.
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