Jonathan Fenton initially raised money from family and friends, before getting help and advice from the University of Sheffield, the Knowledge Transfer Network, Leeds City’s Digital Enterprise initiative and the Advanced Propulsion Centre, which enabled him to raise funds to set up the company. Since then, it has conducted three investment rounds.
FeTu was invited onto the accelerator program run by the University of Sheffield and the UK’s flagship water research project, TWENTY65, funded by the Engineering and Physical Sciences Research Council (EPSRC). The program introduced FeTu to Inngot, and paid for the company to get a valuation using Inngot’s online toolkit.
Kirsty Hinchliffe, FeTu’s Projects and Grants Manager, explains that the company first identified its intellectual property rights and other intangible assets using Inngot’s Goldseam, then used the Sollomon tool to get an indicative value for what the company’s IP and intangibles might be worth. She says: “Sollomon was very easy to use, it was self-explanatory. And the fact that you have three opportunities to revalue, based on feedback from Inngot, is very good – you can really get the most value out of it.”
That first Sollomon valuation from the start of 2018 was shared with the company’s existing investors “to show them where we were and what the valuation came back as.”
Kirsty then conducted another Sollomon valuation at the end of 2018, to coincide with FeTu’s third investor round. The company has since carried out another valuation covering some new patents and target markets.