Vantage Power used Angel Investment to fund its technology development
Vantage Power, a battery and telemetry technology company, used Angel Investment to provide working capital while it developed its product and ran customer trials.
"As an entrepreneur, you get knocked about a lot from an emotional perspective. Very quickly setbacks feel like water off a duck's back compared to the other drama going on!"
|Alexander Schey CEO @ Vantage Power|
|Type of funding||Angel|
We needed capital to fund technology development.
We secured £2.3m in funding of which the Angel Co-Fund contributed £700,000.
The journey to finance
- At Vantage Power we design and manufacture innovative battery packs, control systems and telemetry technologies for hybrid and electric heavy-duty vehicles. Our aim is to radically reduce harmful tailpipe emissions.
- In early 2017 we generated £2.3m in predominantly Angel Investment in 2017. Of that amount, £700,000 came via the Angel Co-Fund.
- That finance allowed us to fund technology development and provided working capital while customer trials and revenue kicked off.
- I've led the business through several rounds of funding so I was relatively confident we'd be able to secure funding.
- The process was long and it was a fairly substantial body of work, but not unreasonable given the amount of funding sought. And there was plenty of support from the Angel Co-Fund team.
Vantage Power's Top Tips
Focus on the investors as much as how much you can raise from them.
The benefits of having a supportive and knowledgeable investor base cannot be overstated.
Having the emotional engagement of skilled business people can often make a substantial difference to young businesses.
The best bits about Angel Investment
- It's a long and fairly substantial body of work but not unreasonable given the amount of funding sought.
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