Angels backing tech firm
Reactec raises £700k to support monitoring device
HAVwear is a wearable device that monitors the vibration an individual is exposed to when using hand held tools, a cause of a common industrial disease.
Investment syndicate Archangels and the Scottish Investment Bank, the investment arm of Scottish Enterprise, provided the bulk of the new funds which included £122,000 from Reactec’s board, management and staff.
Reactec will use the funding to build on sales of HAVwear which hit 10,000 units in the first year resulting in the company’s first £1m sales quarter.
The funding will support the recruitment of four sales and engineers, taking Reactec’s headcount to 27 and enabling international expansion and further research and development.
Jacqui McLaughlin, chief executive, said: “HAVwear has achieved significant momentum since we launched it last year.
“I am thrilled that so many of our own people have chosen to invest their own cash in Reactec’s future.”