Floating scaffold pontoon manufacturer is looking to expand overseas after landing a £200,000 investment.
Cornish company ScaffFloat which also trades as WorkFloat is set to grow and create new jobs from the investment.
The Penryn-based firm manufactures self-propelled bespoke pontoons designed to integrate with scaffolding, and easily transportable workboats for use in commercial marine engineering.
The firm has secured a £140,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) as part of a £200,000 funding round, including match-funding from private investors, led by appointed CIOSIF fund manager The FSE Group.
The investment will be used to support the overall growth of the business, enabling further product development, increased marketing activity and expansion into overseas markets. The business is also set to create a number of new jobs within the company.
The marine platform market is currently dominated by a choice between heavy-duty, non-mobile products, or those offering mobility but that are less robust with limited capabilities.
WorkFloat says it has identified a market-gap by providing and is providing a solution that is mobile, resilient and fully functional. The company also provides marine management services to ensure its clients get the most out of its products.
Demand for Workfloat’s products is strong with the company recently supporting prestigious projects including maintenance for Queen Elizabeth-class aircraft carriers, Network Rail bridges, Highways England assets and the Environment Agency.
Toby Budd, chief executive and founder of ScaffFloat / WorkFloat, said: “Over the past three years we have worked hard to create a cost-effective, transportable work platform to overcome the issues with the current market offering.
“Our products are gaining traction across the UK and overseas and this funding will allow us to maximise the opportunities available to us, continuing to grow our business globally whilst maintaining our roots firmly in the South West.
“Having CIOSIF on board as an investor, with the added benefit of the FSE team’s corporate finance and governance experience, will be extremely beneficial in scaling and professionalising our operation.”
Ralph Singleton, head of funds Cornwall at The FSE Group, said: “Workfloat has a credible management team led by Toby whose experience in the marine sector, as well as in successfully building and exiting a portfolio of small businesses, places the business in a strong position for growth.
“The business is well-supported by credible private investors who understand the commercial marine space and the team continues to develop innovative, award-winning products to address a known gap in a niche market.”