AN investment totalling £175,000 for a York paint inventor has helped regional funding body Finance Yorkshire meet its £100 million milestone.

Finance Yorkshire, which won the Corporate Investment Award at the Press Business Awards in November, has announced this week it has hit the nine-figure mark having made 792 investments in businesses.

One of the investments that enabled Finance Yorkshire to reach its funding milestone is set to boost the inventor of a new paint that can be removed with non-toxic solvents.

York-based Renu-TPS has created the Cre-8 Temporary Paint System, which works like permanent paint but can be easily removed with a non-solvent gel without leaching or damaging the underlying surface.

The fast-drying paint, which is supplied in aerosol cans, is being initially targeted at the car customisation market. Vehicles can be painted with graphics such as go faster stripes safe in the knowledge that the paint can be cleaned off without affecting their resale value.

Renu-TPS has received a £175,000 Finance Yorkshire Seedcorn investment, which will enable the company to invest further in product development and marketing.

Peter Stubbs, a former IT project manager who founded Renu-TPS, came up with the paint technology after experimenting with anti-microbial surface sprays.

He said: "This is a unique and novel technology that works on a wide variety of materials without damaging the surface.

"We believe this is a game-changing product that brings risk-free car customisation to the mass market. We have already had interest from big paint manufacturers and a large retailer. We believe this product has the potential to be used worldwide."

Alex McWhirter, chief executive of Finance Yorkshire said Renu-TPS was a great example of the type of business that Finance Yorkshire looks to invest in.

He added: "We look to invest in entrepreneurs with early stage innovative or technology-based ventures, which require hands-on support from a specialist investor. With our ongoing assistance, Renu-TPS is well placed to join the hundreds of success stories in the Finance Yorkshire investment portfolio."

Graham Davies, investment manager at Finance Yorkshire, said: "As well as providing the investment capital to support Renu-TPS we will be working closely with Peter to further develop his product and maximise the sales opportunities."

Through its £100 million of investments, Finance Yorkshire has increase overall turnover of the businesses it has worked with by£360 million and created and safeguarded more than 11,000 jobs, with further investments in the pipeline thanks to support from the Regional Growth Fund.

James Newman, chairman of Finance Yorkshire, said the £100m milestone was a “tremendous achievement for everyone involved – the board, the executive management team, the fund Managers and all partners across Yorkshire".

He added: "The Fund’s investments have made a significant impact on SMEs involved in a wide range of manufacturing and service sectors, in all parts of Yorkshire and the Humber.

"Many companies have found it difficult to access funding via traditional routes making our role invaluable. SMEs are the bedrock of our regional economy, and we will continue to support them. Through our consistent support we have helped SME’s to improve competitiveness and encouraged wealth creation in the region."

Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2 million to help a range of small and medium sized businesses to meet their funding requirements for growth and development.