Dymag’s successful raise of £678,054 will create more than 200 new jobs as the company speeds towards its destination: becoming the primary supplier of carbon composite wheels for both the motorcycle and automotive industries.
The company’s legacy began in the 1970s, when Dymag began developing diecast
magnesium wheels for Formula One and GT Racing cars, and invented the world’s first three spoke Magnesium motorcycle racing wheels – the same wheels that carried Eddie Lawson to victory at the AMA Superbike Championship in 1981 and 1982, and then at the World Motorcycle GP Championship in 1984.
Building on its success, the company expanded into manufacturing Forged Magnesium wheels and Forged Aluminium wheels, and finally invented lightweight Carbon Fibre motorcycle and car wheels. Dymag’s reach has stretched from Formula 1, IndyCar, Rally/RAID and GP Moto to Superbikes and the Isle of Man TT champions.
Where are they now?
Although Dymag originally approached SyndicateRoom in January, the company returned for this round flanked by Boundary Capital as its lead investor and over £7 million in conditional government grants (provided by the Advanced Manufacturing Supply Chain Initiative, or AMSCI). Although the firm currently employs twelve people, this newfound funding will allow Dymag to increase its workforce to up to 275 people and open up a site in Wiltshire or Bristol.
Dymag’s expansion and expertise is expected to satisfy the industry’s growing demand for carbon composite wheels, which, being lighter, power smaller engines and therefore produce less C02 emissions. In the last 12 months BMW, Ford, General Motors and several motorcycle manufacturers have expressed interest in carbon fibre wheels as original equipment in one or more of their model programmes, while several others are actively pursuing similar plans.