Advent Venture Partners led the GBP2 million second round of funding for Inca Digital Printers in early October. Advent Venture Partners was the sole investor on Inca’s first round of GBP2.6 million, when it was spun out from its parent Cambridge Consultants in May last year.
Inca was established to specialise in industrial printers using piezo inkjet technology. Since its launch it has introduced the Eagle 44 flatbed press for large-format posters and point-of-sale material. Inca said it plans to introduce a number of new products over the next 18 months.
Bill Baxter, Inca’s managing director, said the company was valued at GBP6 million after the first stage of funding, but is now (after the second round) worth around GBP27 million. “We plan to lift sales from the current GBP9 million to GBP60 million by April 2005 and increase staff numbers from 70 to 250 in the same period,” he said.
Dave Cheesman of Advent Venture Partners, and a non-executive director of Inca, said Inca has grown considerably and has developed a strong customer base since its first investment. “This latest funding will allow Inca to significantly accelerate its product development programme and will enable the company to consolidate its leading market position,” Cheesman added.