FSP advise Cornwall & Isles of Scilly Investment Fund on investment into protective cycle wear firm, ArmaUrto
Penelope Garden, head of private equity and venture capital at FSP, has advised the Cornwall & Isles of Scilly Investment Fund (CIOSIF) on its £150,000 investment into ArmaUrto, a protective cycle wear firm, as part of a £300,000 funding round to support its plans for growth. The investment round was led by The FSE Group, the appointed fund manager of CIOSIF.
As part of the transaction, South West-based businessman Clive Banks is joining the company as a non-executive director.
The company was established after founder Chris Battin had a serious cycling accident. Battin said: “After my cycling accident, I was keen to develop a range of innovative protective cycle wear that is on trend and functional. The range offers maximum protection to keep cyclists safe whilst commuting in peak hour traffic or out on country lanes.
This investment will help us to expand our current product range and further develop our marketing. The first stage of this will be the relaunch of our website which will tie in with our relocation to Saltash.
Exciting times are ahead for ArmaUrto and our thanks to Martin at The FSE Group for helping us realise the next stage of our business development.”
Martin Macey, fund manager at The FSE Group, added: “It was a real pleasure to work with Chris and the team. Being a regular road cyclist myself, I could immediately see the appeal of ArmaUrto’s high-quality products that address a clear market gap. Road cycling is a hot sector for investment and Cornwall is becoming known as a popular location for a number of top cycling brands.”
Martin added “As a venture capital specialist, Penelope really added value and I appreciated her support at all stages of the capital raise.”