We are pleased to announce an investment funding package of £500,400 amongst private sector investors, which include Cambridge Angels, Manchester Angels and NorthInvest.
Rajat Malhotra, Managing Partner, Wren Capital and a member of Cambridge Angels commented, “ We liked the sustainability aspect of Molymem and the strong management to apply novel technology into a significant market in need of new membranes to deal with the increasing threat of particulate pollution (especially nitrates) in the water course. We therefore wanted to lead a SEED funding round on behalf of Cambridge Angels who were subsequently joined by investors from Manchester Angels and NorthInvest. This first tie up makes a strong strategic link between Manchester and Cambridge to enhance co-syndication between the investor groups and the hope of more to come.”
David Levine, Principal of Manchester Angels said: “We’re very excited to have participated in Molymem’s recent raise. Manchester Angels was established specifically to fund early-stage, game changing technologies and technology businesses and help support levelling-up for the North.”
Jordan Dargue, Board Director of NorthInvest said: ”We were so impressed with the Molymem team’s expertise and passion. The technology is innovative and solves a real market problem so I was thrilled to be able to help the company access funding at this crucial stage. What’s more, this round of investment for Molymem is a perfect example of how angel networks can collaborate to help Northern entrepreneurs access investment. I’m so pleased for Richard and the Molymem team and look forward to seeing what the future holds.
Ray Gibbs, Chairman at Molymem, said this new funding would enable the company to scale up and deliver on its mission. He said: “New 2D materials for membranes are needed to improve sustainability, accessibility and tackle one of the world’s greatest problems – delivering clean fresh water for all.”
“The application of 2D advanced materials into water filtration technologies will, we are confident, help provide solutions to this critical global challenge.” Working with businesses and utility companies Molymem has coated a variety of membrane systems and tested the rejection of various salts and other organic molecules, such as nitrates. The performance is equal to or better than existing commercial solutions – but at much lower cost so making the Molymem system a “greener and cheaper” option.”