A Liverpool-based international chemical tech business has received funding worth £2m.
Liverpool Chirochem Ltd has received £1m from both Maven Equity Finance, part of the Northern Powerhouse Investment Fund (NPIF) and the Government's Future Fund.
NPIF - Maven Equity Finance originally invested £500,000 in 2018 to support the company through its ‘proof of concept’ phase and establish operations in the UK and China, as well as grow its initial team to 12 employees.
Maven said today’s transaction will help the business to "rapidly scale up and expand its production capacity" to serve its growing customer base.
LCC makes products providing pharmaceutical companies with innovative processes for the research and development of new drugs.
The company’s most notable product, 3D Chiral Scaffolds, are used by pharmaceutical companies all over the world.
Paul Colbon, CEO and co-founder of LCC, said: “2020 was an outstanding year for LCC despite the challenges and continuing disruption of Covid.
"LCC’s stock of unique, diverse and high purity chemical compounds are expanding month on month.
"Securing these additional funds will enable the team to accelerate investment in capital equipment, continuing the scale up of our production capability, enabling LCC to take advantage of the new and growing customer opportunities.”
LCC previously received equity funding from Deepbridge Capital and Praetura Ventures totalling £6m since 2015.
Simon Robb, portfolio manager at Maven, added: “LCC is a global innovator creating specialist products that enable drug discovery and we’re delighted to continue to support such a pioneering company operating in a vital sector of the science technology space.
"Today’s transaction demonstrates our belief in how far the business has come and the future growth it can achieve. We look forward to working with Paul and the team as they drive the business forward.”
