Liquid roofing business Centaur Technologies has been backed by the North West Fund for Venture Capital.
A £750,000 fundraising round for Centaur Technologies will be used by the business to launch the new venture.
Finance has come from The North West Fund for Venture Capital and Lancashire’s Rosebud Fund, both of which are managed by Enterprise Ventures.
Centaur Technologies was set up by Jeremy Gorick, Phil Richardson and Bob Stanfield, who were all previously directors at Liquid Plastics in Preston.
Former High Sheriff of Lancashire Gorick took over his family paints and coatings business in 1994 and then grew it to a stage where it was sold to Swiss company Sika in 2009.
His new fledgling business Centaur Technologies has developed a system for treating new and existing roofs to allow for greater usability, lower cost and reduced environmental impact.
Paul Taberner, investment director at Enterprise Ventures, comments, ‘We are privileged to be able to support this exciting new company in Lancashire.
‘The Centaur Technologies management team have played a leading role in this industry for 30 years, and their new venture will introduce a new generation of roofing membrane technology and has huge potential.’
Under the terms of the deal, The North West Fund for Venture Capital will be providing £500,000, with Lancashire’s Rosebud Fund adding £250,000.
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Jennifer Main, leader of the Lancashire county council, adds, ‘The team behind Centaur Technologies brings extensive experience and previous success in the advanced manufacturing sector.
‘These were an important factor in Rosebud choosing to fund this innovative start-up, which will create high-quality new jobs in the county.’
Main says that the county council has identified the advanced manufacturing sector as one of its priorities for economic development in Lancashire.
The £30 million North West Fund for Venture Capital is jointly financed by the European Regional Development Fund and the European Investment Bank. Also contained within The North West Fund umbrella are its Energy & Environmental, Biomedical and Digital & Creative offerings.