IP Group portfolio company Xeros secures 10m pounds in funding

FTSE 250-listed IP Group, the intellectual property commercialisation company which develops technology innovations primarily from its partner universities, has reported that portfolio company Xeros, has completed 10m pounds fundraising from existing and new investors.

FTSE 250-listed IP Group, the intellectual property commercialisation company which develops technology innovations primarily from its partner universities, has reported that portfolio company Xeros, has completed 10m pounds fundraising from existing and new investors.

Invesco Perpetual managed funds led the round, investing £6.0m in Xeros. Directors and existing investors in Xeros invested £4.0m, including IP Group, Entrepreneurs Fund, Enterprise Ventures' RisingStars II Fund, Finance Yorkshire, and Parkwalk Advisors.

The funding will be used to accelerate the roll-out of Xeros' commercial laundry cleaning system and finalise the development of a household system to replace conventional washing machines, IP Group said.

Following completion of the fundraising, IP Group holds a direct beneficial stake of 14.8% in Xeros valued at £3.2m, and the fundraising has resulted in a fair value gain of £0.9m.

In addition to the group's direct beneficial holding, a further 8.3% interest is held by IP Venture Fund.

The $100bn global laundry industry is the initial market for the Xeros polymer bead cleaning system.

Alan Aubrey, the Chief Executive Officer (CEO) of IP Group, said: "It is really encouraging to see Xeros receive such strong support and endorsement from both existing and new investors. Having backed Xeros from research out of the University of Leeds and supported it since then, it is exciting to see the business maturing and commencing roll-out."

Bill Westwater, CEO of Xeros, added: "We have a big but simple idea: to convert the traditional world of aqueous washing to Xeros bead cleaning. Our superior cleaning method delivers a whole variety of benefits to people, businesses and the environment. This fundraise represents another milestone in our journey towards making that idea a reality."

IP Group's portfolio comprises holdings in over 60 companies and includes early stage to mature businesses.

MF

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021