Powervault Overfunding on Crowdcube
With 18 days to go on our Crowdfunding campaign via Crowdcube, we have already raised over £795,000, 106% of our target. We would like to thank all investors who have pledged their support so far and everyone who has publicised our campaign and ask that everyone keeps up the good work!
Powervault has secured further investment from venture capital firm, Future matters which invests in early-stage companies operating in clean tech and digital technology industries with potential for a multiple increase in value and market leadership. Future matters favours companies that aim to deliver a positive social and environmental impact. Future matters is following on from its previous £132k investment with a further £200,000. Vitaly Lazorin said:
“We have worked closely with the Powervault management team over the last 12 months. We are impressed with the progress the company has made and also the increase in market opportunity for energy storage. We are delighted to be increasing our investment in Powervault.”
Green Angel Syndicate, the only specialist focussed cleantech investor in the UK, is co-investing in this round and has pledged £195k alongside Crowdcube investors. We are really pleased to secure their support as they have a lot of knowledge of the electricity industry, and count some senior former utility executives among their number. These include Ian Marchant who was formerly Chief Executive of SSE for ten years.
Existing investors, including Chairman Simon Acland, and friends and family of the management team have put in an additional £150k.£235k has come from new crowd investors and we welcome them on board!