This latest investment will enable the company to accelerate its growth in the UK and overseas following the opening of its plant in Alabama, USA, and add to its sites in Burnley and Fareham in the UK.
Velocity Composites manufactures advanced carbon fibre and ancillary material kits for use in the aerospace and associated industries. The company uses its process knowledge, business processes and proprietary software to reduce the amount of material required by its customers and also reduce the associated material waste when making aircraft parts.
Seneca is an existing shareholder in AIM-quoted Velocity through its £50 million EIS Fund and this additional £1.5 million of funding has been provided through a combination of its Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) funds under management.
Andy Beaden, chairman of Velocity Composites, said: “We are delighted Seneca have backed us again as we continue to grow. Their industry knowledge and reputation as a leading growth capital investor has excited us about having them on board for the next leg of our journey.”
Velocity will use the proceeds to scale the business, create further fund working capital requirements as well as make further investment in people, mainly based in their Burnley facility through key appointments in engineering, software and business development.
