Pufferfish scales up for US expansion
Pufferfish said the funding would be pumped into product development and targeting increased penetration in the US and Canada. It is setting up an office in Canada to provide a base for increasing sales into North America.
The company is investing in further development of its range of interactive spheres, which were featured earlier this year on the BBC’s Stargazing Live programme.
The cash injection has been made by Par Equity in conjunction with the Scottish Investment Bank and B-Con Engineering, a Canadian optical systems manufacturer.
Pufferfish managing director Geoff Kell said: “We have just recorded our strongest quarter financially and backed by the boost of the additional funding, the time is right to up our game in the US and Canada.”
The investment comes as the firm makes changes to its board. Company growth specialist Alan Faichney comes in as chairman, replacing chair Iain Mackay who remains on the board as a non-executive director. Par Equity’s Paul Atkinson and Brian Creber, B-Con Engineering boss, will sit on the board as investor directors.