VC-backed Xeros raises £25.8m in IPO

Xeros sold 22.4 million shares priced at £1.23 each, which brings the total number of shares in the company to slightly more than 65 million, giving it a market cap of £80m. Dealings began on the morning of 25 March under the ticker "XSG".

The company intends to use the fresh capital generated from the flotation to further expand its laundry business and to develop additional applications for its patented cleaning technologies. None of the existing backers realised their investment in the IPO.

Xeros focuses on the commercial laundry market but has plans to launch a domestic machine in the US. The company is also investigating other potential uses for its patents including the finishing and cleaning of leather and cleaning of industrial metals.

Previous funding
Enterprise Ventures, which holds a 9.6% stake in the company, led a £920,000 funding round for the business alongside South Yorkshire Investment Fund, IP Venture Fund and business angels in 2009. Xeros then raised a further £10m in March 2013, with Enterprise Ventures again contributing to the round along with new and existing investors.

Company
Xeros was founded in 2006 before spinning out from the University of Leeds. The company has patented technology for an ecological laundry system, designed to use less water, chemicals and energy.

Its technology was launched in 2012 at Jeeves of Belgravia in London and Watford Launderers & Cleaners, followed by sites in North America.

People
Bill Westwater is CEO of Xeros. Julian Viggars is head of technology at Enterprise.

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