BACTEST Ltd £900k funding round

UK based BACTEST Ltd, has closed a £900k funding round led by the Low Carbon Innovation Fund (LCIF), managed by Turquoise International, which invested £300k. The round was completed by existing investors and a syndicate of business angels that included Minerva (Warwick), London Business Angels, Finance East and a number of high net worth individuals.

The funding will be used to bring to market the company’s in-situ and mobile products that monitor and manage bacterial activity in waste water and other applications that include general laboratory, health and consumer products. Turquoise International is the manager of the Low Carbon Innovation Fund which makes early stage investments in low carbon and resource efficient businesses located in the East of England region.

The application of Bactest’s bacterial respirometry technology to the water industry was key to LCIF’s involvement.Ian Thomas, Managing Director at Turquoise International, commented: “This deal provides a very good example of the benefits of combining a professional investor, LCIF, with a pool of individuals/angels, allowing Bactest to raise sufficient capital to fund its business plan and avoid the distraction of on going fundraising.” Isle Utilities completed the commercial due diligence on behalf of Turquoise International, the investor on the deal.

Monica Infante, Principal Consultant at Isle Utilities led the team, she commented: “The objective of the commercial due diligence was to validate the market need, competitive strength and estimated time to market for Bactest’s respirometers. The due diligence was focused on the UK municipal wastewater market, with the market intelligence gathered through direct client interviews with four UK water companies. The responses were consistent across the four interviewees and good conclusions were drawn upon completion.”