Aircoolbox earn their wings
The Aircoolbox team have secured £150,000 of investment and the first full-size prototypes are in production.
Their airfreight transportation container provides seamless point-to-point insulated transportation for products that are sensitive to extreme temperatures. It delivers around 30% cost savings across the key markets of pharmaceuticals and edible perishables against the current competition in a sector where temperature excursions are a regular problem.
Leveraging deep management team experience in airfreight logistics, production techniques and sales & marketing, Aircoolbox addresses a clear gap in a market in which existing solutions are unwieldy, inefficient, costly and environmentally damaging.
Keith Packer, their CEO, said:
"Raising money is hard work for a pre-revenue business. Our early meetings with the VC world were best summed up by “do come and see us when you have got a product and some customers.” That did not help us raise the seed money required.
The team at Ruffena Capital put in a huge amount of work for us, allowing us to pitch at their investor events and ensuring our documentation was correct. Our initial business plan involved a high percentage of revenues in leasing. Ruffena Capital advised us to change the structure of the offering to attract SEIS & EIS investors, and limit the leasing element of the Plan.
This advice was key as the tax breaks lead to more meetings. Securing a cornerstone investor from Ruffena Capital was key to our success as several other investors then came forward. Mark Bunting at Ruffena Capital’s constant encouragement kept the team going, and he was right that further investors could emerge at any time, and when least expected! With the initial £150know raised we can get the prototypes built and deliver them to customers for testing. The business is now live and I am sure we will be back to talk to Ruffena Capital for further capital or advice. We hope very much to secure some alternative forms of finance secured against firm orders for our product in 2015."
Founder and Managing Director