Korys sells its stake in D3O as part of a growth capital round in the company
D3O® has raised a total of £13 million in funding from its existing investor Entrepreneurs Fund and new investor Beringea, to support the further expansion of the company’s impact protection products and international market growth. As part of the transaction, Korys sold its stake. Korys made its first investment in the company in 2006, and has been, together with Entrepreneurs Fund, an active reference shareholder ever since. Through successful R&D, the company has been able to grow from one product in 2010 to a portfolio of 15 materials today. It has a strong new product pipeline for 2015-16 and this new capital will facilitate investment in plant and machinery as well as expanding D3O’s team of highly skilled chemists, engineers and designers.
The company delivered revenues of some £10 million in 2014, marking the second consecutive annual increase of 50%. Over 90% of D3O® revenues are export, with 40% of sales in the US. This international approach helped the company achieve a Queen’s Award for Enterprise last year.
The new funds will support further growth, powering further innovation, international expansion and new facilities in the UK and abroad. The new facilities will include a state-of-the-art innovation and development centre in the UK, which will be the global knowledge hub of the company. US expansion will include a new sales and marketing office and in Asia D3O® will open a dedicated testing and production facility for greater proximity to its Asian customers.
Thomas Vanhoutte, board member for Korys at D3O, said: “Over the past years, the company has grown tremendously in all respects, and today, it stands stronger than ever. With the arrival of Beringea and the ongoing support of Entrepreneurs Fund and the board, the company is very well positioned to embark on a new phase of growth. We very much look forward to seeing the company’s expansion into new products and markets in the coming years.”
Patrick Dunne, Chairman of the Board, said: “This is a significant step for D3O and we have been extremely grateful for the consistent support from Korys since 2006, and for Thomas Vanhoutte’s very active contribution along the road as a member of our board.”