Velocity Composites gains £1.5 million investment boost
Velocity Composites is making key investments to grow its U.K. and North American presence as a manufacture of carbon fiber and ancillary material kits.
Photo Credit: Velocity Composites
Aerospace composites manufacturer Velocity Composites (Burnley, U.K.) has received an additional £1.5 million from Seneca Partners (Newton-le-Willows, U.K.) as part of a successful £6.6 million funding round. This latest investment will enable the company to accelerate its growth in the U.K. and overseas following the opening of its plant in Alabama, to add to its U.K. sites in Burnley and Fareham.
Seneca Partners is an existing shareholder in AIM-quoted Velocity through its £50 million EIS fund. It is an award-winning specialist SME investment business and the founding member of a network of companies which operate across the North of England.
“We are delighted Seneca have backed us again as we continue to grow,” Andy Beaden, chairman of Velocity Composites, says. “Their industry knowledge and reputation as a leading growth capital investor has excited us about having them on board for the next leg of our journey.”
The proceeds of the fundraise will support Velocity to scale the business, create further fund working capital requirements as well as make further investment in people, mainly based in its Burnley facility through key appointments in engineering, software and business development.
Velocity Composites manufactures advanced carbon fiber and ancillary material kits for use in the aerospace and associated industries from its sites in the U.K. and the U.S. The company uses its process knowledge, business processes and proprietary software to reduce the amount of material required by its customers and also reduce the associated material waste when making aircraft parts.
