Waverton Investment Management appoints new CEO

Hugh Grootenhuis steps down after 6 years in the post; Andrew Fleming former head of Kames Capital/Aegon Asset Management to take overWaverton Investment Management has today announced that Andrew Fleming has been appointed as its new CEO and that he will take up his post on 1st July, subject to regulatory approval.  He replaces Hugh Grootenhuis who is stepping down as CEO, a position he has held since June 2009.  Andrew is a highly regarded investment professional who will bring a wealth of experience from a number of senior positions, most recently as CEO of a major asset management business.  He is first and foremost an investor, but also has a strong understanding of distribution, product development, regulatory issues and attracting, retaining and getting the best out of talented investment managers.

Andrew was most recently Chief Executive of Cumulus Group, leading an innovative insurance and pensions initiative, but from 2005 to 2013 he was Chief Executive and Chief Investment Officer of Aegon Asset Management (rebranded as Kames Capital in 2012) where he was instrumental in transforming both investment performance and profitability.  He successfully managed the business in the run-up to RDR and was the architect of the company’s rebranding strategy.  He began his career at Gartmore Investment Management where he held a number of investment and management positions including running their Tokyo office, culminating in the role of Head of Equities.  After fourteen years at Gartmore, he joined ABN AMRO Asset Management and served as Chief Investment Officer and Global Head of Portfolio Management, until he joined Aegon in 2005, where he was also involved in advising wealthy families and their investments.

John Anderson, Chairman of Waverton comments:

“We are delighted to have attracted someone of Andrew’s calibre and track record to the position of CEO as part of our succession planning.  He will be instrumental in managing Waverton through the next phase of its development, building on the excellent work of Hugh Grootenhuis who successfully managed Waverton during a time of great change, which included the transfer of ownership from Credit Suisse to Somers Ltd and Waverton’s management, and the expansion of the firm’s investment platform.”

Andrew Fleming adds:

“I am very pleased to be joining Waverton at an exciting stage in the firm’s development and look forward to helping look after the interests of their clients and to leading the business.”

Investment of 1.2 million for renewable energy business Sunamp

Sunamp designs and produces innovative heat storage batteries that help overcome the issue of energy wastage by storing excess energy as heat for later use. The company, which is based in East Lothian, was founded by successful technology entrepreneur, Andrew Bissell, and to date has been funded by a mixture of grants, loans and private investment.

Alongside Par Equity and Equity Gap, the recent investment was raised from the Scottish Investment Bank, the investment arm of Scottish Enterprise, North American based private investors, Highland Venture Capital and Old College Capital - the venture investment arm of the University of Edinburgh.

Sunamp enjoys an excellent and productive relationship with the University of Edinburgh, ranging from applied research, high quality PhD partnerships and now investment from Old College Capital.  The University is a key partner in Sunamp's success.

Bissell said: "We are very pleased that these investors have recognised the huge potential that Sunamp has to offer, both to consumers looking for energy cost saving opportunities, and to businesses looking to make efficient use of renewable heat. The Board was delighted the round was significantly oversubscribed, helping accelerate our plans.  It is an exciting time for Sunamp, with a large customer pipeline and many innovative products being developed."

Professor Pulham, Head of the School of Chemistry, University of Edinburgh, said of his work with Sunamp: "This is the most rewarding and enriching academic/industrial collaboration that I have been involved in.  It is particularly gratifying to see the impact of fundamental research being applied in real world applications in such a short time."

Kerry Sharp, head of the Scottish Investment Bank, said: "Sunamp is a great example of an innovative forward thinking company, which continues to develop and grow.  We look forward to continuing to work with them as they expand their market base and realise their long term growth ambitions." 

The investment follows recent news that Sunamp has been awarded funding by the Local Energy Challenge Fund as part of a £4 million project to develop innovative local heat storage solutions. The project will help alleviate fuel poverty in the central belt of Scotland and has created a pipeline of business for Sunamp to install over 750 products.

Sunamp uses phase change materials (PCM) to create high energy density, compact systems that are capable of storing and releasing heat. The patented, non-toxic Sunamp Heat Battery technology stores and provides heat to warm a building or deliver hot water.  The energy is released in much the same way as a hand warmer works.

Whilst two and a half times more heat is consumed than electricity globally, heat has been significantly under-innovated in recent years.  The move to higher production from renewable energy sources creates demand for energy storage, especially heat.  Energy storage dramatically improves the economics of many intermittent generation technologies and allows production to better match demand for electricity and heat across the day.

Bissell's vision for Sunamp is to make individual homes and buildings more energy efficient and self-sufficient, and deliver substantial cost savings to the householder or business, while cutting CO₂ emissions from inefficient energy generation.

Sunamp has a number of products under development including SunampPV, which allows homes with solar panels to store excess energy for future use rather than sending it back to the grid. This consumer product is the first-to-market of Sunamp's range, ahead of SunampStack, an advanced heat storage design that will save consumers and businesses money by optimising the operation of renewable heat sources such as heat pumps.  The third product is SunampCube, which responds to the need for commercial and industrial scale heat storage to deal with grid constraints.

Bissell is a seasoned entrepreneur who sold his previous company, the 3D medical imaging business Voxar, for €39 million to Barco NV in 2004; Barco subsequently sold it to Toshiba and it continues to thrive in its original Edinburgh base. 

Sunamp employs 15 people and plans to increase headcount by a further eight to 10 employees in the next 12 months, in highly skilled roles including design engineers and chief technology officer. 

Innovative restaurant payments app Cake launches on Crowdcube to raise 800k crowd-funded Series A round

London-based mobile payment app Cake today opened the doors on its second round of funding, on the UK's leading investment equity site Crowdcube. Cake is raising £800,000, to fund growth in London and Los Angeles.

Brainchild of two former corporate financiers, Michelle Songy and Charlotte Kohlmann, Cake's mobile payment app is used to share and pay bar and restaurant bills. In a Cake-registered restaurant or bar, users can access the easy-to-navigate app to allocate drinks or food to friends in the group and pay or split the bill as they choose. There's no need to leave a card with the venue. Payment is fast, easy and secure.

Kohlmann, 29, co-founder and CEO, said: "We saw a gap in the food and drink service market when we launched with faster and easier way for friends to share and then pay their restaurant or bar bills. When people can pay faster, they are happier. And restaurants can serve more customers and build a reputation for fast and efficient service."

Cake is live in more than 20 restaurants and bars so far, including Comptoir Libanais and The Rum Kitchen in Soho. The service will expand to more than 100 sites by the end of the year. Company headcount will bloom from 16 to 50 by the end of 2017. 

●        For investors snapping up £1,000 or more of equity in the company, £50 of credit will be provided on the Cake app to spend at any registered   venue

●        Investors at £10,000 enjoy a year's supply of champagne plus other benefits

●        More sophisticated investors at £100,000 get £2,000 of Cake credit in addition to all of the previous rewards

●        Investors at £250,000 can choose between the world's most extravagant dinner party or dinner out every week for five years

Luke Lang, co-founder of Crowdcube, said: 'More businesses are coming onto Crowdcube for their second or third funding rounds, which represents a real shift in the size of business funding on our site. Investors now have a choice of innovative start-ups and more established, growing businesses run by seasoned entrepreneurs. Three quarters of our funded businesses are growth or early-stage."

Beringea invests 2.7M in Sealskinz - the outdoor endurance accessories company

Sealskinz has over thirty years' experience in developing and manufacturing endurance accessories. The company's patented processes create clothing that is waterproof, breathable and, uniquely, stretchable. It works in partnership with some of the world's greatest athletes including mountaineers, explorers, cyclists, skiers, runners, sailors and horse riders to ensure its products deliver the very best in comfort and performance.

The funding from the ProVen VCTs will be used to support the company's further growth into international markets and strengthen product development and marketing activities.

Karen McCormick, Partner at Beringea, who led the investment, commented: "We are delighted to be working with Sealskinz, which has exceptional brand recognition and customer loyalty. We look forward to working with management to expand the offering and geographic footprint to address a wider audience."

Tim Ives, Managing Director at Sealskinz, commented: "The new funding will allow us to strengthen our offering, improve our customer services, and expand our sales capabilities overseas. We are delighted to be working with the Beringea team."   

This investment sits alongside the existing investment from Bridges Ventures, the specialist sustainable and impact investor, which has supported Sealskinz since backing the initial management buyout of the business in 2007.  The shareholders were advised by Cavendish Corporate Finance.

Oxford Capital backs independent Games developer, Kobojo

Oxford Capital has led a $7m funding round for independent Games developer, Kobojo, with participation from the Scottish Investment Bank and Endeavour Vision Capital.  The investment will support the roll-out of Kobojo's new role-playing adventure, Zodiac and will fund the development of further digital games for the global market.

Kobojo develops online role-playing games which are designed for touch devices. The company specialises in developing high-quality multiplayer game mechanics and is known for its hand-drawn graphics. It has created and is currently managing the highly successful mobile game Mutants: Genetic Gladiators. Kobojo has its headquarters in Paris, France and a development studio in Dundee, Scotland.

The team behind Kobojo's latest game, Zodiac, which will be released in 2015, includes developers who created Final Fantasy VII, one of the best-selling games of all time, with the sales exceeding10.5 million copies worldwide.

Martyn Holman, Investment Director, Oxford Capital said:

"Kobojo is a rising star in mobile gaming, a sector that shows tremendous potential.  It has transcended geographical regions and achieved success in America, Europe and Asia.  The studio's deep experience in all levels of game development, particularly in mobile and core gaming, position it for strong growth in the future.

"There is significant M&A interest in the mobile gaming market, particularly for companies that have shown real innovation.  Kobojo's expertise in touch devices, multiplayer technology and hand drawn graphics make it stand out as a future leader and we expect the company to attract significant interest."

Mario Rizzo, Chief Executive Officer, Kobojo, said:

"Kobojo is creating world-class video games backed by some of the most successful development talent in the world.  This funding round enables us to forge ahead to create amazing digital game experiences for the massive global audience of gaming customers that grows daily.

"We are very pleased to have Oxford Capital on board as an investment partner.  It has an outstanding track record of helping businesses to growth and to establish themselves successfully in international markets."

Kobojo was advised on the fundraising by Blueprint Advisers, a European corporate finance boutique which focuses on the technology, media and telecom industries.