Carbon Fibre Preforms Exceeds £778k Target with Growthdeck
Carbon Fibre Preforms Limited (CFP) has exceeded its £778,000 target fundraise with Growthdeck, the private investor network, in less than three weeks.
A £1.5m equity investment is being led by Midven, with Growthdeck investors being given the chance to invest alongside them.
In the true spirit of the West Midlands’ industrial innovation heritage, Dudley-based CFP has developed a patented new form of carbon fibre composite called FR10, which has huge markets in the train, aeronautical, shipbuilding, and oil and gas drilling industries worldwide.
‘We have been developing and investing in FR10 since 2011,’ says Simon Price, MD at CFP, a veteran of the plastics and carbon fibre industry (his father was the late Roy Price, a pioneer in UK plastics development). ‘We knew as soon as we heard about this process that it had tremendous value with huge potential demand. And we are really excited that after a short period establishing supply of raw materials, production methods and a demand pipeline, we are ready to launch this revolutionary product onto the global market.’
Simon Emary of Growthdeck adds: ‘As soon as I visited their West Midlands production facility, I could see Carbon Fibre Preforms had the potential to become a great British engineering success story. This investment will also be a first for us, co-investing with the Midven VC team who have also bought into the potential markets for CFP’s revolutionary material.’