Kings Lynn, Norfolk, UK:

Engineering startup Masterfilter has successfully completed its first round of fundraising, securing £200,000 of funds and support lead by London based investors Sustainable Ventures, and further supported by the Low Carbon Innovation Fund and the SCORE Grant.

The company’s Managing Director, Paul Clark, was delighted with the investment; “Receiving the backing of three funders, who are all dedicated to finding strong business opportunities in the renewable energy sector, is a fantastic endorsement of what Masterfilter has to offer industry.”

“The funds will secure a number of roles and expenditures in the most exciting period for the company, and we are thrilled to work with such a significant network of people who are convinced that our approach will help contribute to a dramatic improvement in reliability and performance in the offshore energy sector.”

Sustainable Ventures, leading the round, will also provide strategic support to the business, as well as workspace in London, while all investors will provide a variety of business development opportunities to support the company through the anticipate rapid-growth period.

Commenting on the possibility for a further fundraising round, Paul added, “While we are not ruling out a further funding round at this stage, our short term strategy is to become a self-sustaining business quite quickly. We are in a strong position in our market, with an innovative product, contributing towards resolving a £1 Billion challenge. Our investors have shown considerable intelligence in understanding the problem the offshore energy industry is dealing with, and recognising that our solution could make significant impact on that.”

About Sustainable Ventures

Sustainable Ventures are an investor and startup accelerator specialising in sustainable and environmentally beneficial businesses.

About the Low Carbon Innovation Fund

The Low Carbon Innovation Fund (LCIF) is a venture capital fund, providing equity finance for SME’s based wholly or partially in the East of England. LCIF co-invests alongside private sector investors such as founders, angel investors and/or other funds to provide finance to early and growth stage businesses in a variety of sectors to enable them to develop.

About the SCORE Grant

The SCORE programme is part financed by the European Regional Development Fund (ERDF) and delivered by enterprise specialists Nwes, in partnership with energy industry experts Nautilus Associates, the Offshore Renewable Energy Catapult; and OrbisEnergy, the offshore renewable innovation hub in Lowestoft, Suffolk.

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