Tower Cold Chain Solutions, a UK-based provider of temperature-controlled containers to the pharmaceutical industry, has completed £3m financing to support the development of new stock, sales support and hubs.
TOWER rents its range of KryoTrans (KT) containers from hubs in Europe, the US and across SE Asia and has seen rapid growth for its KTM range of modular containers, offering flexible, powerful temperature control for palletised loads. Chris Pollard, CEO of TOWER, comments: "2017 was a year of significant achievement for TOWER, on the one hand generating important new customers for the KTM and developing our global hub network, and on the other attracting strategic investment that backs the management team's vision."
Just Arne Storvik, a long-term shareholder in TOWER who has arranged and supported the funding round, said: "Those of us who have been involved in TOWER have never doubted the ultimate potential for the company, but it has been the successful introduction of the KTM that has opened up the market for TOWER and made it possible to generate the kind of financial support that will be necessary to meet and maintain support for the rapidly-growing demand."
Tor Erland Fyksen, a significant investor in this funding round notes that "TOWER is well positioned in the temperature-controlled transportation market with thoroughly tested products and services, which are environmentally friendly, and which can be uniquely scaled and adapted to meet most specific requirements whether at the start, middle or the end of the journey, adding to our competitive offering."
Julie Silvester, Head of Equity Funds for the FSE Group, which manages the TVB Growth Fund on behalf of Thames Valley Berkshire Local Enterprise Partnership (LEP), said: "We are delighted to show our continued support to the TOWER team. The company has grown significantly since our initial investment in 2016 and it's great to see the success of the new facilities in China, Singapore and the US."