The firm is already well on its way to raising its minimum target of £350,000 and expects to reach its £500,000 goal from investors within a month. The new venture is being organised through the online crowdfunding site, SyndicateRoom, and investors will receive up to 30% equity in the business.
The new investment will help increase production and expand sales globally for the fast growing company, which was set up by Steve Trim, a molecular biologist with Pfizer for 10 years before he set up the firm in 2010. He founded the business after experiencing trouble obtaining good candidate molecules for his drug discovery programmes when he worked at the global pharmaceutical company.
Since launching the new business, Mr Trim has found it hard to juggle production and selling his products – made with the venom of snakes, lizards, snails, insects, scorpions – to a global market. The technology they use is expensive and currently they can only produce one product at a time, however with the new investment they hope to produce batches of 10 at a time, which will increase their profits and make them more efficient.
Mr Trim said: “We were in a Catch 22 situation of needing a sales executive but needing strong sales to afford one.
“We have been selling well but only a limited amount because we were either selling the product or making it. This investment solves that problem.”
SyndicateRoom, has had previous success with Kent biotech companies, with ToxiMet, a food safety testing firm from Kent Science Park in Sittingbourne, raising more than £1.5 million through the crowdfunding site earlier in February.
Investors have until Sunday, March 22 to invest in Venomtech. The company is arranging a tour of its laboratories on Tuesday, March 10.
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