Foresight Group has invested £1.25 million in Biofortuna, a UK-based molecular diagnostics company which provides products for transportation.
The deal sees the investment firm reunited with Biofortuna CEO Simon Douglas, formerly CEO of DNA Research Innovations and executive chairman of Lab 901, both previous Foresight investee businesses.
The growth capital being provided will be used by Biofortuna to expand its manufacturing operations, support applications for regulatory approvals and broaden its produce range.
Foresight’s £1.25 million investment in the Cheshire-based business is spread across three of its VCTs and represents 60 per cent of the £2.1 million total that has been raised by Biofortuna. Additional support has come from existing partners including RSGF II, Catapult and MLEF.
Douglas says that his past experience with Foresight meant that he understood the firm’s decision making process.
James Livingston, investment director at Foresight, comments, ‘Biofortuna’s freeze-dried kits are all about making a complex and sophisticated technology simpler and less costly for customers.
‘The technology can be applied to a broad range of significant healthcare markets. Our investment will enable Douglas and his team to achieve the company’s significant growth plans.
Kent-based Foresight makes investments of between £1-£5 million in unquoted UK and European companies and currently has £600 million of assets under management.