Seedcorn Fund Case Study
The fast-drying paint, supplied in easy-to-use aerosol cans, is being initially targeted at the car customisation market. Vehicles can be painted with graphics such as go faster stripes safe in the knowledge that the paint can be cleaned off without affecting their resale value.
Peter Stubbs, a former IT project manager who founded Renu-TPS, came up with the paint technology after experimenting with anti-microbial surface sprays.
He said: “This is a unique and novel technology that works on a wide variety of materials without damaging the surface. We believe this is a game-changing product that brings risk-free car customisation to the mass market.”
With growing interest from retailers in Cre-8, the company needed funds to invest in the development, manufacture and testing of its paint products. It also required financial backing to boost its sales and marketing function.
Renu-TPS received a £175,000 Finance Yorkshire Seedcorn investment, which enables the company to invest further in product development and marketing.
The Investment Rationale
Alex McWhirter, Chief Executive of Finance Yorkshire said Renu-TPS was a great example of the type of business that Finance Yorkshire looks to invest in.
He added: “We look to invest in entrepreneurs with early stage innovative or technology-based ventures, which require hands-on support from a specialist investor. With our ongoing assistance, Renu-TPS is well placed to join the hundreds of success stories in the Finance Yorkshire investment portfolio.”
Graham Davies, Investment Manager at Finance Yorkshire, said: “As well as providing the investment capital to support Renu-TPS we will be working closely with Peter to further develop his product and maximise the sales opportunities.”
Peter said: “We have already had interest from big paint manufacturers and a large retailer. We believe this product has the potential to be used worldwide.”
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire