A Falmouth-based circuit board manufacturer will create five new jobs over the next year thanks in part to European funding.

Sellectronics, founded in 2008, has received a £50,000 match-funded grant from the Business Investment for Growth (BIG) programme, which has been spent on new equipment worth around £200,000.

Company director Jason O’Connell said the new machinery will enable them to increase their spread of clients and deliver larger contracts nationally and internationally, which will in turn lead to the need for more staff.

“We’ve enjoyed rapid growth since we started up four years ago and 2013 looks set to continue the trend,” he said. “The BIG funding, coupled with our own investment, will allow us to grow the company and broaden our horizons significantly.

“We’re delighted to be in a position to create a number of new positions with the company over the next year.”

Fellow director Dean Haney said that there’s a “real air of excitement” around the company regarding possibilities for the future.

“We can now build capability to keep up with the miniaturisation of modern technology and take another step closer to our aim of becoming the leading high-tech manufacturer in the south west,” he said.