Warwick Effect Polymers (WEP) has raised a further £1 million of investment from new and existing venture capitalists and private investors.

Warwick Effect Polymers (WEP) has raised a further £1 million of investment from new and existing venture capitalists and private investors.

Catapult Venture Managers invested £600,000 alongside backing from Mercia Technology Seed Fund, Oxford Technology VCT, private investors and management.

Dr Richard Palmer, executive chairman of WEP, says: ‘This reflects the progress made by the company over the last year, which has secured eight evaluation agreements with leading companies, with more under negotiation.

‘The funding will enable WEP to progress these, complete more, and secure licences and manufacturing contracts, leading to financial independence over the next two years.’

WEP was a ‘spin-out’ from the University of Warwick in 2001 and has raised in excess of £3 million in grants and investments to date.