Chemoxy, a UK-based producer of industrial chemicals and environmentally friendly solvents, has raised £10m ($15.4m) from Business Growth Fund, the venture fund backed by the UK’s ‘big five’ banks, The Telegraph reported on Saturday.
The funding was secured alongside an additional £10m in working capital from financial services firm Royal Bank of Scotland, one of BGF’s five cornerstone investors.
Chemoxy plans to use the funding as the basis for an expansion that could double its revenue to £100m by 2020, and has acquired additional land on the site of its business in perparation.
Chemoxy’s clients comprise blue-chip companies in a range of sectors including the retail, oil and gas, chemical and agricultural industries. It became an independent company in 2011 when CEO Ian Stark and chief operating officer Martyn Bainbridge bought it out from chemicals producer Dow Chemical.
Stark said: “This funding package supports our long-term ambitions for Chemoxy, with growth capital empowering us to expand the business without relinquishing control over its management or direction. We are looking forward to drawing on new ideas and expertise.”