Connection invests £4.6m in IconX

The deal is structured as a combination of shares and loan notes, with the fresh capital enabling the company to ramp up its production in response to excessive demand. Following the deal, the business will also invest in marketing activity.

IconX anticipates it will increase installations of its primary product, My Key Machine, by 300% as a result of the investment.

Company
Founded in 2010, London-headquartered IconX is a manufacturer of semi-automated key cutting machines. Its My Key Machine product, similar in style to vending machines, is installed in third party retail stores including Asda, Morrison, Homebase and The Range, with revenues split between IconX and the retailer. IconX has installed 370 machines to date across the UK.

People
Connection Capital – Pascal Wittet (investment director).
IconX – David Horsfall (managing director).

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• Topics
• Expansion
• UK / Ireland
• Industrials
• United Kingdom