Start-up wins investment
Cambridge Cleantech start-up wins investment for its innovative oil filter technology
MasterFilter, a British cleantech company working on engine oil technology, has won investment from a London-based venture capital fund after being introduced at a Cambridge Cleantech event.
The patented technology could benefit oil-dependent industries such as mining, energy and manufacturing
MasterFilter has developed and patented a new type of filter that reduces oil contamination, prolonging the lifetime of machines and removing the need to throw away used oil. Minimising the need to replace oil can be of great benefit to oil-dependent industries like mining, energy and manufacturing.
Paul Clark, CEO of MasterFilter, met Sustainable Ventures at a Cambridge Cleantech Finance special interest group event in January this year. Two months later, their Sustainable Accelerator fund invested £100,000 in the cleantech start-up as lead investor, allowing MasterFilter to start their business journey.
Sustainable Accelerator invests in innovative solutions which address real world problems providing both seed equity investment and a 12-month bespoke support programme to accelerate company growth and value creation.
As Paul explained: “Sustainable Ventures are a tremendous partner who will help us at every step of our business development with structured and individualised mentoring and assistance. Thank you to Cambridge Cleantech for helping us to achieve our initial funding target with such a great partner.”
Martin Garratt, CEO of Cambridge Cleantech, added: “Cambridge Cleantech exists to open up commercial opportunities for companies with innovative new clean technology. We are delighted that MasterFilter met their ideal investor at our Finance event, and look forward to continuing to support their success in the future.”
Cambridge Cleantech is a leading membership and business support body for a community of partners – including private companies, universities and public-sector organisations – that is driving the development of Europe’s fastest growing cleantech cluster.