The Business Growth Fund (BGF) set up by five major UK banking groups to stimulate business in the country, has led a £8.76m ($12m) investment into Magma Global, a local designer and manufacturer of high performance carbon fibre pipe for subsea oil and gas applications. Magma’s two existing investors, NES Partners, a Danish venture capital investor focused on new energy solutions, and Kern Energy Partners, a Canadian specialist energy investor, also participated in the round. The latest funding will be used to finance a new, high-tech manufacturing facility in Southampton which will support production of up to 250km of pipe per year. In just two years Magma has grown from a team of five to a total workforce of 90 and the new facility should add an additional 100 to this number. The company’s order book currently exceeds $70m. Martin Jones, chief executive of Magma Global, said: “Kern and NES backed us from the beginning and have been a great support. As we take on more capital to accelerate our growth it’s great to have a UK investor come on board.”
- News & Analysis
- Global Corporate Venturing
- Global University Venturing
- Latest News
- Deal Data
- Community & Events
Business Growth Fund backs Magma
May 16, 2013 • Jennifer Hill
LEADERSHIP SOCIETYInforming, connecting, and transforming the global corporate venture capital ecosystem.
The Global Corporate Venturing (GCV) Leadership Society’s mission is to help bridge the different strengths and ambitions of investors across industry sectors, geography, structure, and their returns.
Featured ContentFUNDING ROUND DATA Which corporates are backing which startups? Search our corporate deal database.
FUNDING ROUND DATA
Which corporates are backing which startups? Search our corporate deal database.NOMINATE Nominations for the GCV Powerlist 2024 are now open
Nominations for the GCV Powerlist 2024 are now openEventsWebinar: Startups and Strategics – What works and what doesn’tEventsGCV Institute: Landing the Value of Corporate VenturingTop News
GCV provides the global corporate venturing community and their ecosystem partners with the information, insights and access needed to drive impactful open innovation. Across our three services - News & Analysis, Community & Events, and the GCV Institute - we create a network-rich environment for global innovation and capital to meet and thrive. At the heart of our community sits the GCV Leadership Society, providing privileged access to all our services and resources.test reg