Technology business completes £6m fundraise

Coventry-based FireAngel has completed a £6.1m fundraise to underpin its growth plans and reduce the company’s debt.

The fundraising will go before the company’s AGM next Friday for final approval.

The technology business makes safety devices, such as smoke, carbon monoxide and heat alarms, which it sells to homeowners and commercial customers.

The fundraising plan was announced on June 6, the day after executive chairman John Conoley stepped down.

Andrew Blazye became non-executive chairman and Neil Radley was appointed as chief executive.

The new management team has launched a strategic review of the business, and is exploring the options for a sale.

Its share price has lost more than 90% of its value since May 2018.