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Endeavour Partnership advises on financing of new product launch

Posted by Lotty Reeves on 21st May 2014

Endeavour Partnership advised Growthfunders and Rivers Capital Partners on their investment into Chop2Bowl.

Chop2Bowl, a multifunctional chopping board and bowl combination which can also be adapted for serving purposes, is being brought to market by Lewis Pennicott Designs Ltd, based in Eaglescliffe, Stockton. The aim is to drive this first product to market and develop a further range of kitchen and home ware products.

Nik Tunley, corporate partner from Endeavour Partnership, who advised on the deal comments: “We are delighted to have been involved in advising both GrowthFunders and Rivers Capital Partners in helping to bring Lewis’ concept to market. It was great to see a crowd funding platform working together with an established fund to assist a start-up business. We wish Lewis every success with his product and his business.”

GrowthFunders has been launched to match ambitious entrepreneurs with great business ideas to a range of investors to create and grow exciting businesses. The platform allows entrepreneurs leading businesses with high growth potential to garner support and raise capital online from a range of investors, including angel networks and early stage venture capitalists. GrowthFunders also opens up access to this exciting asset class to a wider audience of suitably-qualified online angels, or the eponymous “crowd”, who can invest alongside more experienced investors.

Lewis Pennicott said: “This first stage of fundraising on GrowthFunders has been fantastic, and the support and guidance I’ve been given by them has helped to shape our fundraising strategy. We decided to raise a smaller POC amount first, so we could build the prototype, and then go back to GrowthFunders to raise a second seed round of investment.”

Michael Dickens, Investment Manager at Rivers Capital Partners, said: “Lewis is a great example of a young entrepreneur who has the drive and ambition to start and grow a new business. Chop2Bowl is an interesting concept. It already has an impressive following on Twitter, with people saying they can’t wait to buy one. With the money raised, Lewis can now focus on building a prototype and paving the way for a full product launch later in the year.”

Norman Peterson, Director of Growth Capital Ventures, the company behind GrowthFunders, added: “Chop2Bowl is a great example of how raising capital online can attract interest from a wider investor base. Suitably-experienced crowd investors and online angel investors have invested anything from £100 upwards in this funding round. We also actively aided the company to obtain co-investment from an established venture capitalist firm in Rivers Capital Partners. This is exactly how the platform was designed to work. We’re looking forward to seeing his progress over the coming months, before he returns to GrowthFunders to raise additional capital to support the next stage of growth.

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