Lighting manufacturer ArmadilloLED has secured funding to the tune of GBP230k from two private investors.The company plans to use the money to kick start its growth plans for international markets.
ArmadilloLED already has a presence in Poland,Russia,Brazil and Ireland and said it will continue to expand to meet demands for energy efficient solutions.
The company secured GBP230k in angel funding,having previously won two tranches of 75k from private investors.It has also converted its research and development spend into tax credits of over GBP 200k.
A government inititive,the Research and Development Relief for Corporation Tax scheme,was used by the organisation to help reduce the overall tax bill.
The company also benefited from the support of My Business FD,a Cambridge-based financial advisory company which offers financial directors on a part time basis to deliver support through all stages of the financial process.
