Synchro Ltd (United Kingdom) - Oct 2007

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01 October 2007

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Catapult Venture Managers has led a £1.2m second round of funding into Synchro Ltd, developers of a new software package for the construction industry. Catapult invested £600,000 from its Advantage Enterprise and Innovation Fund, with the remaining contribution coming from a private investor. Catapult was introduced to the deal by Paul Heaven of Blue Sky Corporate Finance, who is also a part-time finance director for Synchro, and was attracted to the unique technological offering of the company, which has received excellent feedback. The new capital will be used predominantly for marketing with some being allocated for product development. The transaction took 31 days to complete. Catapult expects to contribute to a further round of funding, which will be held around the middle of next year. The company previously received funding in 2004 from the Advantage Early Growth Fund.

Company

Synchro, based at the Coventry University Technology Design Centre, has developed a new software package for the construction industry that allows project managers to run three-dimensional building simulations at any point during a given project. This enables synchronisation between design and planning and decreases risk while also reducing costs by shortening decision making and delivery times. The company was founded in 2001 and currently employs 14 staff.

People

Caroline Green led the investment for Catapult.

Advisers

Company - Blue Sky Corporate Finance, Paul Heaven (Corporate Finance)Company - Needham & James, Kate Orbis (Legal)Equity - Shoosmiths, Alastair Peet (Legal)

Sourced from: unquote unquote" 356 (Nov 2007)