Cambridge 20th April 2015
World’s first commercial manufacturer of carbon composite wheels gains £7million
Government funding award to coincide with crowdfunding raised on SyndicateRoom
Dymag, the world’s first commercial manufacturer of carbon composite wheels for cars and motorcycles, has secured a Government grant and loans package of over £7 million to coincide with its launch on SyndicateRoom.
With leading London VC Boundary Capital as the lead investor, Dymag intends to become the primary supplier for the global automotive and motorcycle industries.
The investment round for Dymag on SyndicateRoom is already over 80% funded, and the full or even over-funding of the round that is expected will maximise access to the grant money.
Dymag, working closely with the National Composites Centre in Bristol, is set to increase its annual manufacturing capability from a few thousand to hundreds of thousands of carbon composite wheels after securing more than £7 million in conditional Government grants and loans. Its target equity funding raise of £600,000 is already more than 80% complete on SyndicateRoom, with the round due to close on May 17th. Successful completion of the round will maximise access to the grant money.
This will enable the currently low-volume, niche brand to supply to leading high performance vehicle manufacturers in the premium sports car, SUV car and motorcycle markets. BMW (i3) and Ford (Ford Mustang) have already announced their intention to use carbon composite wheels as original equipment in one or more of their model programmes, while several others are actively pursuing similar plans.
Goncalo de Vasconcelos, founder and CEO of SyndicateRoom said, “Dymag is a unique and exciting business with a bright future, as evidenced by the large Government grant package it has secured. We are proud to have it on our platform and look forward to seeing the hopeful success of the investment round giving Dymag optimum access to the grant.”
Chris Shelley, CEO of Dymag, said, “After this expansion, we also plan to establish one or more long term strategic manufacturing partners in the UK and overseas to help continue to scale up and develop the business globally.”
Dymag’s expansion and expertise in carbon composite wheels will help to satisfy the automotive industry’s requirement for lighter wheels powered by smaller engines to reduce C02 emissions.
The grant money, which was awarded by AMSCI (Advanced Manufacturing Supply Chain Demand), will be mobilised by matching funds raised through SyndicateRoom. Those investing in Dymag through SyndicateRoom are doing so based on the improved valuation brought about the grant and on the same terms as Boundary Capital, the lead investor.