Axol Bioscience, a UK-based startup that specializes in human cell culture, has captured £600,000 through its equity crowdfunding round on SyndicateRoom in just over four weeks. The company is raising funds to dramatically accelerate revenue growth and international expansion, as well as to support further product development.
Axol provides access to human cells and related materials (critical reagents) in order to help its customers quickly and effectively advance their research. The Nobel Prize-winning IP behind the company will help reduce the need for animal testing, by producing highly validated human cells and critical reagents, such as media and growth supplements.
The funding round includes a £400,000 investment from Dr. Jonathan Milner, the founder of Abcam and Axol’s Chairman. Dr. Milner is a highly experienced investor, having previously invested over £11m in more than 30 companies, with exits including Horizon Discovery, Frontier Developments, Curidium and Phonetic Arts. The returns from his previous investments have already covered the cost of his portfolio, plus a 60% return.
Dr. Jonathan Milner, Chairman of Axol Bioscience, stated:
“I’m really excited by what the future will hold for Axol, due to the colossal market opportunity we’re addressing and how well Dr. Yichen Shi and his team have been delivering our plans. As such, I increased my investment in this round from £200,000 to £400,000, and I am delighted that the Company has already hit its £600,000 target.”
SyndicateRoom’s CEO, Gonçalo de Vasconcelos, commented:
“Axol has hit its £600,000 fundraising target soon after launching its crowdfunding round in SyndicateRoom, reflecting the enthusiasm of investors for the phenomenal potential of this company. We are now really pleased to offer new investors the chance to take part in Axol’s overfunding round.”
Axol Bioscience has secured a roster of clients, which includes Janssen, Pfizer, Lilly and Nestle, along with Harvard University, Kings College London, the University of Oxford and Aston University. Dr. Jonathan Milner, the “super Angel” and founder of Abcam, the fourth largest company on AIM by market cap, is chairman and co-founder, with seasoned industry players such as Darrin Disley, CEO of AIM listed Horizon Discovery, already secured as investors.
The company is now overfunding to a maximum of £1,000,000.
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