MicroEmmissive Displays

04 January 2005

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Private equity-backed MicroEmissive Displays Group (MED), a pioneer in light-emitting polymer based microdisplays for digital cameras and camcorders, has floated on AIM and commenced trading on 30 November 2004. The company is valued at Â£25.7m based on a placing price of 150p per share and 3i, Scottish Equity Partners (SEP) and BASF Venture Capital have retained their interest in the business at flotation. 3i has retained a 13% stake post flotation. The IPO has raised Â£15.7m in cash for the business. Edinburgh-based MED spun out from the University of Edinburgh and Napier University in 1999. Stephen Lowery coordinated the flotation on behalf of 3i, while Robin Winning and John Watson led the investment on behalf of the institution. Gary Le Sueur represented SEP and Matt Mead handled the series C investment for BASF Ventures.

Previous funding

In August 2003, MED received $7.5m backing from a venture capital syndicate led by SEP, who also introduced BASF Venture Capital to the investment. 3i also re-invested in that round and together the institutions held a majority stake (18 August 2003, page 19). In March 2002, 3i has led a second institutional round of expansion funding into MED. The Â£4m round included a Â£2m investment from 3i to control a minority stake in the company, a Â£1m commitment from SEP, and Â£1m of venture leasing from European Venture Partners (8 April 2002, page 18). The business received a Â£1.5m first institutional round of funding from 3i in September 2000 (2 October 2000, page 21).