Close Ventures has invested £1.5m as part of a £2m follow-on funding round in Xceleron Ltd, a provider of early-stage drug development and assessment services to the biotechnology and pharmaceutical industries. The balance was provided by Foursome Investments, as well as directors and management. This additional investment brings the total investment in Xceleron to over £4m following a £2m funding round provided by the same investors in May 2005. The new capital will fund the company’s expansion in its core UK and US markets.
Anna Morrison joins from IFM Investors, where she managed the firm's fund-of-funds programme
Fund's predecessor, Isomer Capital Fund, closed on €150m in February 2016
Funding will be used to hire more staff, support product development and meet customer demand
True Core VII provides seed and early-stage capital, while True Select IV provides follow-on capital