Yorkshire-based Thermilate Europe has received £750,000 from Enterprise Ventures. The investment will support the expansion of the company’s current sales force and associated support staff and provide ongoing working capital.

Yorkshire-based Thermilate Europe has received £750,000 from Enterprise Ventures. The investment will support the expansion of the company’s current sales force and associated support staff and provide ongoing working capital.

Thermilate is a worldwide distributor, with the exception of North America, of a paint composite that reduces energy costs through its insulating properties. The product has a variety of applications, including storage tanks, gas holders, hotels, houses, offices, warehouses and refrigeration containers.

Wayne Thomas, investment director at EV, observes that the business has ‘a basket of products, including the insulating paint, which seeks to improve the energy efficiency of buildings’.

Mohammed Ashfaq, managing director of Thermilate Europe, comments: ‘The investment from EV is a great boost for our company. We can now capture a bigger market slice at a much faster pace than organic growth would have otherwise allowed.’

Management were advised by the Leeds-based advisory team of professional services firm Mazars.