Investee Company – Inca Digital Printers Ltd (UK)
Investee Company Business Type – Specialises in industrial printers using piezo inkjet technology
Type of Financing – Expansion
Equity Providers – Advent Venture Partners
Equity Leader (Individual) – Dave Cheesman
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – N/A
Total Deal Value – £2 million
Other Advisors – SJ Berwin – Advent Venture Partners – Andersen Legal (Cambridge)
Comments – Cambridge-based Inca Digital Printers has secured £2 million in second round funding. Advent Venture Partners, who were the sole investors in the first round which took place in May 2000, led this round of financing.
Inca Digital was spun out of Cambridge Consultants Limited last year and has expanded to a staff of 70 in this period. The company specialises in industrial printers using piezo inkjet technology and also supplies print engines and components to other integrators.
The company has been valued at £27 million compared to just £6 million after the first round of funding and there are plans to expand its product portfolio and introduce new products over the next 18 months. Managing Director, Bill Baxter commented on the company’s aim to increase sales from £9 million to £60 million by April 2005 and to increase staff numbers to 250.
Dave Cheesman from Advent Venture Partners, said: “Since we first invested in Inca Digital, the company has achieved considerable growth and already has a strong customer base. This latest funding will allow Inca to significantly accelerate its product development programme and will enable the company to consolidate its leading market position.