Memsstar raises funding to boost exports

Memsstar, the Livingston manufacturer of MEMS manufacturing equipment has secured a significant funding deal with Santander supported by a guarantee from UK Export Finance.

Memsstar makes etch and deposition systems for MEMS manufacturing. It also represents SMEs in a range of European funding programmes.

Memsstar exports around 90% of its products and is looking to capitalise on this momentum in key markets.

The business currently has an annual turnover of circa £8 million but is targeting to grow this to £13 million over the next two years.

“This will provide the company with a source of working capital to enable the ongoing development of our customer base and ensure that we remain competitive for our existing customers,” says the company’s CFO Keith Rutter.

“This is a great example of how a government guarantee can work alongside a trade specialist bank to help a leading, innovative UK firm,” says Jonathan Leonard of UK Export Finance.