Coloured carbon fibre pioneer Hypetex secures 24Haymarket angel backing

Investors in this round: 24Haymarket

A composites manufacturer which supplies F1 and works with Jaguar Land Rover has received more than £1m in funding from a leading UK network of angel investors, it tells Sky News.

A British advanced materials manufacturer which claims to be the first in the world to produce coloured carbon fibre has secured backing from one of the UK’s most formidable angel investing networks.

Sky News understands that Hypetex, which has supplied Formula One motor racing and counts Adidas and Jaguar Land Rover among its customers, will announce on Wednesday that it has raised £1.25m in a funding round led by 24Haymarket.

Hypetex will also say that it has appointed Nick Rose, the former chief financial officer of Diageo and the ex-chairman of the Williams F1 team’s holding company, as an adviser to its board.

Neil MacDougall, a private equity veteran who also chaired the British Venture Capital Association, is joining Hypetex as its chairman.

The new funding will support the deployment of Hypetex’s coloured advanced materials across sectors including automotive, consumer electronics and sport.

By making coloured carbon fibre materials, Hypetex removes the need for paint, reducing and improving the aesthetic appearance and performance of products.

Marc Cohen, Hypetex’s chief executive, said: “The composites market is growing at a rapid pace and we are well-positioned to accelerate the use of our coloured advanced materials and be a key part of that as we develop exciting new product streams for the sector.”

Mr MacDougall added: “Hypetex brings proprietary colourisation technology to the rapidly growing global composites market.

“This investment will enable Hypetex to further build on its unique market position in this growing $150bn industry.”