Rheon Labs Ltd has raised £4m in equity funding in a transaction that follows on from its £7m Series A round in 2019. LGB acted as arranger of both transactions.
Rheon Labs is operating in the highly commercial field of active materials. The company’s technologies are based on highly strain-sensitive polymers that temporarily stiffen when bent, stretched or pressed. Rheon’s current focus is on the branded consumer goods sector. Current applications include sports helmets, body armour, footwear, touchpoints such as grips and performance apparel. The funding will help the company address its pipeline of commercial opportunities and develop its R&D programme in conjunction with new applications.
The fundraising received strong support from existing shareholders who participated in the transaction in 2019 and also attracted a number of new investors. The transaction was completed in a little over one month. Investors were encouraged by how much the company’s commercial engagements and operations had broadened in the last two years and were excited by the prospect of seeing Rheon’s materials in a wide range of consumer products.
