Second funding round on the horizon for Cgon
Cgon, the Exeter-based technology company which is developing technology to reduce carbon emissions from cars, could seek further investment after meeting its £150,000 target on Crowdcube.
The business raised £180,000 in return for an 11.76 per cent equity stake after launching an initial pitch for £150,000 for 10 per cent in August 2014.
Founder Brian Sheard, a former nuclear submariner, told Insider that Cgon could look to a second round of funding as early as next year. "We're really pleased to have secured overfunding," he added.
Cgon also secured grant funding to install its systems on to vehicles belonging to small and medium-sized enterprises (SMEs) across Essex.
SMEs in the area will be able to use the technology before receiving a refund of £1,000 via the Low Carbon Business programme until 2015.