Naxos Capital et al. back P2i

Half of the fresh capital was provided by Ombu Group, which previously invested £4m in P2i in August 2011.

Naxos, Unilever Ventures and Swarraton Partners originally acquired stakes in the company through a £4.1m expansion round in 2009.

The shareholders hold a "significant" stake between them, according to Ombu.

The latest round of funding will help drive growth in the electronics and lifestyle markets.

Company
P2i was established in Oxfordshire in 2004. It is a spin-off of Dr Stephen Coulson's PhD project at Durham University, which was backed by the Ministry of Defense.

Coulson developed liquid repellent treatments and formed the company to commercialise the product.

Formerly mainly applied to military clothing, the product is now used in a number of electronic devices, such as hearing aids, to protect them from moisture.

The company posted a turnover of £6m and losses of £5m in 2011. It employs 151 staff.

Despite receiving continued institutional funding since 2005, the company's losses have doubled in the past two years. In 2009 P2i reported a £2.5m loss.

Previous investors in the company include Porton Capital.

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