VCT Industry Report 2015-16

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75
2011 - £1.95m
Healthcare & Technology
Cambridge & Boston
15
Abcodia is a specialist company engaged in the discovery
and verification of bio-markers for the early detection and
screening of cancer. Their mission is to change the way that
bio-markers are developed to allow the earlier diagnosis of
cancer and help people live longer and healthier lives.
RATIONALE FOR INVESTMENT: The investment fits
into Albion’s Healthcare (Growth) investment category and is
designed to enable the release of value from a unique asset of
a large serum bio-bank. The investment provides early stage
funding to commercialise the bio-bank, through the development
of three revenue streams: a services-based revenue model
providing access for commercial partners to the bio-bank;
the longer term development of IP from other projects with
commercial partners, leading to sustained revenue streams
through licensing deals; the development and commercialisation
of a screening product for ovarian cancer, with direct product sales
in the US and UK / EU.
VALUE ADDED BY VCT MANAGER: Albion Ventures has
had close involvement in the evolution of the strategy including
the decision to acquire and develop products as well as services;
and the implementation of the strategy by building out of the
management team and introducing key metrics, milestones and
incentive plans.
Albion Ventures was involved closely in initial recruitment of key
staff and the expansion into the US market and been instrumental
in introducing potential customers and key industry contacts.
Albion Ventures was actively involved in building the board
governance structures, expanding the investor base and
supporting the management team throughout the building of
the company from a start-up situation.
GROWTH IN REVENUE AND EMPLOYMENT: The number of
employees has grown from 3 in 2011 to 15 in 2015.
Revenues are undisclosed, but Abcodia has completed several
multi-million dollar value licensing and development deals and
recently launched an ovarian cancer screening product with
annual revenue potential of tens of millions of dollars.
COINVESTORS: Cambridge Innovation Capital, Scottish Equity
Partners, UCLB and other private investors.
2011 & 2015 - £17.6m
Education
Middlesex & Kent
140
The Radnor House Group of schools incorporates two growing
independent co-educational schools, which will educate
over 900 students when mature. As the first venture capital
funded start-up school in the UK, Radnor House is a 7-18
years independent co-educational day school in Twickenham,
located in Alexander Pope’s stunning former mansion on the
banks of the River Thames. It has achieved an “Outstanding”
rating across all categories in its first Ofsted inspection. Combe
Bank is a co-educational independent school for students
aged 3-18, located near Sevenoaks, Kent, acquired by Radnor
House in 2015. It is a unique opportunity to expand the Radnor
House model by enhancing the school’s culture of academic
achievement and first-rate pastoral care, as well as making the
necessary investment to provide new facilities and modernise
existing ones where necessary.
Radnor House Group is looking for further expansion
opportunities.
RATIONALE FOR INVESTMENT: The investment fits well
into Albion’s “Asset Based” investment category, providing
security via first charge over freehold assets, attractive and
growing income stream from interest payments and dividends
and the potential for a material capital gain on exit.
VALUE ADDED BY VCT MANAGER: Albion Ventures
worked closely with the founder to develop the business plan
for the school and to negotiate and acquire the initial site in
Twickenham, all within a very short time frame. Albion Ventures
was instrumental in building a very strong senior team, led by the
Chairman, Colin Diggory (previously Head of Alleyns and Latymer
Upper School), Barry Martin (previously Head of Hampton School)
and Ian Callender (COO of North London Collegiate School). Albion
Ventures played a leading role in the acquisition of Combe Bank
School.
GROWTH IN REVENUE AND EMPLOYMENT: Since
investment in 2010 revenues have grown from nil to £9 million.
The number of employees has grown from nil to 140.
020 7601 1850
Albion Ventures LLP was created in January 2009. We enjoy working with smaller companies
and entrepreneurial management teams, seeing our purpose as helping businesses to grow by
providing financial resources as well as strategic advice. Our ultimate aim is to realise the full
potential of the business invested in and so create returns for the shareholders in our funds.
We act with integrity and respect for the people we deal with.