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11 October 2012
GEOSCIENCE BUSINESS RECEIVES FUNDING BOOST
Nottingham-based BGS International, which spun out from the British Geological Survey in 2011, has received a further investment of £60,000 from theNottinghamoffice of Midven’s Rainbow Seed Fund.
BGS International, which is based at Keyworth, is a worldwide operation that undertakes significant geoscience surveys in mineral-rich countries. Its geoscientists are currently working on projects inTanzania, Sudan,CameroonandAfghanistanthat have the potential to run until 2014, with a further pipeline of prospects stretching out for several more years.
Midven, one of the Midlands’ most prolific investors supporting high growth small and medium size enterprises and with offices in Nottingham, Birmingham and Oxford, has provided additional investment through its Rainbow Seed Fund which is backed by the Department of Business, Innovation and Skills in partnership with the major public research bodies such as the Natural Environment Research Council, the parent of BGS. It originally invested £25,000 to support BGS International with its start-up costs and has now released a further £60,000 as part of an investment round of £200,000 to support the planned expansion of the team and to allow the newly-created private company to expand into areas such as the provision of geodata services
Mark White of Midven, said that BGS International was an exciting development.
“The British Geological Survey was the world’s first geological survey, and has broken new ground in being the first of the major world survey organisations to spin out part of its operations in order to give it greater commercial focus and flexibility. We have been closely involved in the planning for this for a couple of years and have always been greatly impressed with the company’s track record and the skills and standing of the team.
“The surveys they carry out, often as part of multi-million dollar World Bank programmes, are essential precursors to the establishment of a region’s mineral exploitation and licensing strategy, and so provide a key element in the economic development of many emerging nations. The market has warmly welcomed the creation of BGS International and demand for its services has exceeded our expectations, so we are delighted to be able to invest further in its growth.”
The company’s managing director, David Ovadia, who was previously a director of the British Geological Survey said he was pleased to have the continued support of the Rainbow Seed Fund and Midven.
“Our business plan is on track and this further investment will enable us to maintain our working capital levels and our core services. We have been extremely busy in our first year of operations and we have established a very sound base for the future.
“We are keen to expand our activities both in terms of the parts of the world we work in and also the range of services we can offer. This new investment is an important step in enabling this to happen. The Rainbow Seed Fund was our first investor and have been a helpful and supportive ally in our first year, and we are glad to have their continued backing
The company employs three full time directors plus support staff in its East Midlands headquarters and has some 20 consultants working worldwide.