Heavily over subscribed round filled by existing investors fuels global expansion
28th February 2014: Bowman Power, the waste heat recovery technology business recently recognised as one of Britain’s most inspiring companies by the London Stock Exchange Group, has announced a £3m (US$5.0m) funding round. The equity financing came entirely from existing shareholders including Octopus Investments, Fjord Capital and a number of angel investors – an impressive vote of confidence from the current investors. The round was heavily oversubscribed.
The funding will primarily be used for the global expansion of this fast growing business. Bowman is looking to enlarge its global footprint and develop new products thanks to the capital injection. In particular, the funds will be used for additional marketing associated with an expanding worldwide distributor network for Bowman’s innovative energy recovery technologies. Bowman now has a total of six distributors globally.
Company CEO Dr Toby King, among the investors in the funding round, said: “We want to expand our global footprint in terms of sales, marketing and distribution, and this funding round will make that all possible. At the same time we are looking to move into new and potentially dynamic markets such as Brazil, India, and Indonesia.
“The funding round gives us a solid foundation and the financial security to expand, move forward with confidence and continue to deliver growth. Of course none of this would have been possible without the skills, dedication and hard work of our employees.” He further added that Bowman was also gaining “significant traction” with a number of engine OEMs (original equipment manufacturers) involving development and supply agreements.
Simon Andrews, part of the Ventures Team at Octopus Investments, said, “We have been impressed by the considerable progress Toby and his team have made in turning Bowman into a high quality supplier to a global customer base. This latest funding round demonstrates the support of the investor syndicate; we are pleased to continue to back the business in the next phase of its growth.”
The conclusion of the funding round follows a highly successful 2013 for Bowman which saw the company placed second in the Green Tech Sector of the Deloitte Technology Fast 50 rankings, and third in the same category in the associated EMEA (Europe the Middle East and Africa) Fast 500 awards. Bowman was also ranked 21st in the Sunday Times Tech Track index, which ranks the UK’s fastest growing private technology companies.