Octopus et al. invest £3m in Bowman

Octopus and Fjord are both previous backers of the company. This latest round came solely from Bowman's existing shareholders.

The fresh capital will be used by Bowman to finance its international expansion, specifically putting the money to work in the business's marketing efforts for its global distributor network.

The company is looking to expand into new markets, namely India, Brazil and Indonesia.

Previous funding
In August 2010, Octopus invested £1.83m in Bowman. The firm invested via its first four Octopus VCTs, as well as the Eureka Enterprise Investment Scheme vehicle, for a significant minority stake, according to unquote" data. Fjord, Wheb Partners and I2BF Global Ventures invested in the company alongside Octopus.

In November 2012, Bowman secured a further £4m from existing investors including Fjord.

Company
Founded in 2004 and headquartered in Southampton, Bowman develops and manufactures turbo generators, which are designed to recover waste heat from large diesel engines.

The company's technology is designed to reduce diesel fuel consumption in heavy-duty diesel engines. Its systems are compatible with Cummins, Scania, Volvo and Mitsubishi diesel engines.

Bowman employs around 60 staff and is believed to have generated turnover of £9.2m in 2012.

People
Toby King is the CEO of Bowman. Fjord partner Arild Nerdrum, Wheb special adviser Wolfgang Hanrieder and I2BF partner Tim Lewin all hold non-executive roles on the company's board of directors. Simon Andrews is on the venture team at Octopus.

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• Topics
• UK / Ireland
• Expansion
• Industrials
• United Kingdom
• Octopus Investments
• Fjord Capital Partners
• WHEB Partners