Midven Invests in Craft Dragon
ImPress machine poised to revolutionise crafts and hobbies sector
Craft Dragon Limited, a Stoke-on-Trent company which has developed a revolutionary machine for the crafts and hobbies market, has secured investment from venture capital specialist Midvenand a number of private investors.
Craft Dragon is the inventor and manufacturer of the ImPress‚Ñ¢ machine. The company will use the funds to help build on its success and expand sales in the UK, USA and Germany.
The device was the brainchild of avid hobby crafter Jayne Nash, whose family has gone on to develop the patented ImPress machine. Struck by the fact that existing machines are too large and expensive for the hobby crafter, Jayne came up with the concept for a more versatile machine.
Jayne collaborated with her husband, Anthony – an engineer – and her idea was adapted so it could perform many different tasks including hot foiling, stamping and die cutting.
Jason Nash, Craft Dragon’s managing director, said: “The machine was quickly tailored specifically for the needs of the serious hobby crafter – it is multi-functional, robust and reliable, compact and affordable. We always knew we had a good product and our early sales success proved there is a market. This investment from Midven and private investors will give us the opportunity to grow the company, create jobs and continue to serve our enthusiastic customers.”
Midven is a leading venture capital fund manager that provides investment for small, high-growth businesses across a range of sectors in the West Midlands. Through its Early Advantage fund, Midven has invested £100,000 in Craft Dragon; this is in addition to the investment from a number of supportive private investors.
Midven Investment manager Gio Finocchio said: “When I first came across Craft Dragon, I captivated by ImPress’s functionality. However, it wasn’t until I visited their stand at one of the UK’s leading hobbies and crafts exhibitions that I truly realised what a great product the company had. I was amazed by the positive feedback from existing customers, many of whom had brought along their friends to order their own ImPress. This investment will enable Craft Dragon to rollout new add-ons to the ImPress and drive sales overseas.”
Mr Finocchio said the size of the potential market was significant, with around £1billion spent on crafting and hobbies in the US every year, and around half of households taking part in some form of craft or hobby.