Shackleton Ventures Limited (Shackleton), the secondaries venture capital
firm, today announces that it has completed a follow-on investment in one of
its portfolio companies, NanoSight
Limited, with the purchase of a significant shareholding from the National
Endowment for Science, Technology + Arts (NESTA) for an undisclosed amount.
NanoSight is the world-leading supplier of a unique family of instruments for
the visualisation and sizing of nanoparticles. NanoSight sells to companies
and universities developing nano materials including catalysts, viruses, magnetic
and pharmaceutical particles, using direct sales in the UK and distributors
elsewhere, and has more than 150 users worldwide.
Shackleton first invested in NanoSight a year ago and the company was one of
the early investments from its second fund, the Shackleton Secondaries II Limited
Partnership (SSIILP). The company has performed strongly since that investment
- sales increased by over 70% in 2008 and it recently completed a £1m
Hugh Stewart, Managing Partner of Shackleton, commented, "Activity in
the nanotechnology market continues to accelerate across a variety of applications,
particularly in healthcare. Shackleton’s purchase of a further interest
in NanoSight demonstrates our support for a thriving company that is addressing
this growing market. The company has strong technology and a first-class management
team, which is reflected in the success of the recent funding round."
John Knowles, Chairman of NanoSight, said, "We are delighted that Shackleton
has shown its confidence in NanoSight by increasing its stake, and we look forward
to working closely with the Shackleton team to grow the company further. I would
also like to thank NESTA for providing seed capital for the company and for
their early support and advice."
Shackleton specialises in direct secondary venture capital investments, buying
portfolios of existing investments or an individual asset from an investor that
is seeking liquidity. Shackleton’s investment strategy includes providing
further investment to enable companies to grow faster ahead of a profitable
exit, or restructuring the investment to improve incentives for the management
of its portfolio companies.
The SSIILP fund can make investments of up to £25m and is backed principally
by a leading European-based fund of funds investor with over €1.5bn under
management. The fund was formed in November 2007 and now has a portfolio of
17 investments across a broad range of markets.