Enterprise Ventures invests in Powelectrics

The VC invested through its Coalfields Enterprise Fund, a growth fund that closed  on £10m in 2007. The fund typically invests £500,000-2m in businesses with pre-tax profits of £250,000-1m.

Having first invested in Powelectrics in 2010 with additional funding from RBS, the Coalfields fund has invested more than £1m in total in Powelectrics to date.

The company plans to use the capital to market its products globally. It has also appointed the former managing director of Trimble Navigation, Andrew Yeoman, to non-executive director as part of the investment.

Earlier this month, the VC backed UK-based fashion retailer LabelSneak with £525,000 from the North West Fund for Venture Capital.

Company
Based in Tamworth, Powelectrics was founded in 1990. The company manufactures and supplies industrial sensors and telemetry solutions that remotely monitor levels in gas and chemical tanks. However contracts have also been secured in the water and waste water, rail, factory automation and security industries, the GP said.

People
Wayne Thomas is an investment director at EV's Preston office. Powelectrics is led by managing director Pete John and sales director Dave Oakes.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

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