Versarien (www.versarien.com), the Cheltenham-based advanced-materials group, has raised £1.5 million to increase its graphene-manufacturing capabilities.

The company launched a fundraising campaign comprising a placing by WH Ireland in conjunction with an offer via PrimaryBid to raise around £1 million at the start of this month.

It was subsequently over-subscribed, so Versarien decided to increase the fundraising, securing a total of £1.5 million. It will use the proceeds to purchase equipment for its graphene businesses and to provide working capital.

Chief executive Neill Ricketts (pictured) said: “In particular, we are delighted with the support we have received from private investors through PrimaryBid and to have the opportunity to increase the size of the fundraising to satisfy some of that demand.

“The funds raised will allow us to significantly scale up both our manufacturing capabilities and our marketing efforts, to take advantage of the substantial commercial opportunities we are seeing.

“Versarien is at the forefront of the commercialisation of graphene. The fundraising will allow us to market our recently launched graphene brand Nanene more widely — and increase the resources available to other graphene projects we are working on.”