A young company which manufactures components for Formula One has secured a new funding deal worth £150,000.
Leamington Spa-based MV Composites makes high-performance carbon fibre components and offers a full service from concept to prototype and production.
Founded in 2021, it is led by Will Waterman and Mat Lainsbury who each have more than 15 years of experience in Formula One and who met while working at Red Bull Racing.
MV Composites, named after Motorsport Valley, the cluster of motorsport businesses centred on Silverstone, now works with several F1 teams and other motorsport customers.
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Over the past two years, staffing has increased from three to 17 while turnover has risen ten-fold. The business has also recently tripled its floorspace with a move to 5,000 sq ft premises.
This new funding will enable it to complete the fit-out and create five more jobs in the coming weeks.
Mr Waterman said: "Through our work in the industry, we noticed that many composites manufacturers were not geared up to cope with the demands of F1 teams.
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"MV Composites was set up to address this. We have scaled up quickly to meet demand and have invested in larger premises, additional equipment and staff and have also just started a night shift.
"This finance will enable us to make the most of the new unit and provide more working capital so we can continue to grow the team and take on new contracts."
The funding comprised a loan from the Midlands Engine Investment Fund via Birmingham-based fund manager Frontier Development Capital.
Frontier's investment manager Raj Minhas added: "MV Composites is building a reputation in F1 circles for quality, precision and just-in-time supply and has the opportunity to become a major player in the industry.
"Will and Mat have put the right infrastructure in place to build the business but needed the financial resources to support their growth.
"The funding will ensure they can continue to meet their customers' needs and maintain the momentum."
Warwick-based invoice finance firm Flex ABL introduced Frontier Development Capital to MV Composites.