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Posted: February 23, 2009
Shackleton Ventures completes further investment in NanoSight
(Nanowerk News) Shackleton Ventures Limited, the secondaries venture capital firm, today announces that it has completed a follow-on investment in one of its portfolio companies, NanoSight Limited, with the purchase of a significant shareholding from the National Endowment for Science, Technology & Arts (NESTA) for an undisclosed amount.
NanoSight is the world-leading supplier of a unique family of instruments for the visualisation and sizing of nanoparticles. NanoSight sells to companies and universities developing nano materials including catalysts, viruses, magnetic and pharmaceutical particles, using direct sales in the UK and distributors elsewhere, and has more than 150 users worldwide.
Shackleton first invested in NanoSight a year ago and the company was one of the early investments from its second fund, the Shackleton Secondaries II Limited Partnership (SSIILP). The company has performed strongly since that investment - sales increased by over 70% in 2008 and it recently completed a £1m funding round.
Hugh Stewart, Managing Partner of Shackleton, commented, "Activity in the nanotechnology market continues to accelerate across a variety of applications, particularly in healthcare. Shackleton's purchase of a further interest in NanoSight demonstrates our support for a thriving company that is addressing this growing market. The company has strong technology and a first-class management team, which is reflected in the success of the recent funding round."
John Knowles, Chairman of NanoSight, said, "We are delighted that Shackleton has shown its confidence in NanoSight by increasing its stake, and we look forward to working closely with the Shackleton team to grow the company further. I would also like to thank NESTA for providing seed capital for the company and for their early support and advice."
Shackleton specialises in direct secondary venture capital investments, buying portfolios of existing investments or an individual asset from an investor that is seeking liquidity. Shackleton’s investment strategy includes providing further investment to enable companies to grow faster ahead of a profitable exit, or restructuring the investment to improve incentives for the management of its portfolio companies.
The SSIILP fund can make investments of up to £25m and is backed principally by a leading European-based fund of funds investor with over €1.5bn under management. The fund was formed in November 2007 and now has a portfolio of 17 investments across a broad range of markets.