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Carbon fibre racing wheel manufacturer Dymag, which built a reputation supplying a string of Formula One greats, has smashed its crowdfunding target and now aims to bring forward the release of new products.

Chief executive Chris Shelley told _Insider _the cash would also help to secure match funding and grants from the government.

Dymag launched a pitch on Syndicate Room in January to raise £500,000. It has now surpassed that target and seeking to raise up to £800,000.

The company, whose products were fitted on the Isle of Man TT winning BMW ridden by Michael Dunlop in 2014, also secured £7m in funding through the Advanced Manufacturing Supply Chain Initiative (AMSCI) earlier this month.

Chris Shelley said: “Our original target was £500,000 which we upped to £600,000. We smashed through that number and are now over funding with the aim of hitting £800,000 in the next week or two.

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