Cardiff based Cryo Storage Solutions has secured the final tranche of a £150,000 funding round to complete development of a new cryogenic, low temperature sample storage facility.
Cryo Storage Solutions offers a range of cryogenic and -80 degrees celsius storage, disaster recovery and product or risk management services. They hold the exclusive Cryotherm distribution agreement for both the UK and Eire, allowing them to supply high end cryogenic equipment, Dewars, Bio-banks and SiVL Pipework systems.
The £87,000 equity investment will enable the company to complete its Human Tissue Authority license, meeting increasing demand for high quality cryogenic storage from hospitals, medical research organisations and others. The investment will also create at least two new jobs in the short term with more planned in future.
Edwin Dyson Founder and Managing Director of Cryo Storage Solutions said,
“We are delighted to have completed our funding round with this latest investment form a private investor who we welcome on board. He brings valuable business experience to our growth plan having successfully built and exited his business in North America. Safe, secure cryogenic storage of samples is key to reducing risk and meeting demand from today’s multi-million-pound medical and research markets.”
The investment was managed by Cardiff based access to finance company Severn Seed Finance (SSF). David Maas, Founder of SSF said,
“We identified Cryo Storage Solutions as an attractive investment opportunity for a private investor because of its existing revenue stream from the sale of cryogenic equipment, plus the exciting opportunity presented by its new ultra-low temperature storage facility. Angel investors that bring both money and experience to a young business is a winning combination in my experience.”
Edwin Dyson added
“David Maas’ expertise in start up and early stage investment was invaluable both to us and the investor concerned in competing this investment. It provided a negotiated deal that provides and a great foundation for future success”.
The investment qualified for the HMRC Seed Enterprise Investment Scheme which supports investments in UK start up companies by providing 50% tax relief to qualifying investors to mitigate the risks usually associated with early stage businesses.
Cardiff based Loosemores Solicitors and Broomfield and Alexander advised the investor.