As part of its brief to invest £100 million alongside syndicates of business angels, the Angel CoFund has closed a new transaction.
Cambridge-based Eagle Genomics is the latest beneficiary and has now secured £1 million of growth capital to top up the £590,000 netted in September.
The business specialises in bioinformatics, computation and systems biology and works with companies including those from the life sciences sector. It will now be looking to develop its own software-as-a-service product which will allow users to analyse ‘complex’ genetic data. Its customers range from those in the large pharmaceutical sector to the animal health space.
The second close of the £1 million funding round is the first time it has taken investment during its five-year history. The first stage of the round was led by Midven’s Rainbow Seed Fund, and included a contribution from Abcam CEO Jonathan Milner.
David Flanders, CEO of Eagle, comments, ‘With the fundraising now secured, we can really begin to make progress in achieving our commercial goals.
‘We have already begun our expansion, and the development of ElasticAP [SaaS product] relationship is underway – all the while we continue to grow the consulting side of the businesses.’
The Angel CoFund’s last deal came when it joined forces with Robin Klein of The Accelerator Group and Index Ventures and Ed Wray, co-founder of Betfair, to close a £750,000 commitment into early-stage venture private equity exchange Justinvesting.
More on the Angel CoFund:
- Fund hits one-year mark with 18 deals worth £24 million
- Five angel networks to lead £50 million fund
- Angel CoFund makes first five commitments
Angel CoFund chairman George Whitehead says that despite being a profitable business, Eagle Genomics needed a capital injection to get it to the next stage.
‘This is exactly what the Angel CoFund is all about – identifying high growth UK tech businesses and making sure they receive the right levels of funding to have a real impact.’