Chemicals manufacturer Chemoxy plans to double its revenue within the next five years using $30.8m in Business Growth Fund-backed debt and equity funding.
Chemoxy, a UK-based producer of industrial chemicals and environmentally friendly solvents, has raised £10m ($15.4m) from Business Growth Fund, the venture fund backed by the UK’s ‘big five’ banks, The Telegraph reported on Saturday.
The funding was secured alongside an additional £10m in working capital from financial services firm Royal Bank of Scotland, one of BGF’s five cornerstone investors.
Chemoxy plans to use the funding as the basis for an expansion that could double its revenue to £100m by 2020,…
