NPIF provided £80,000 worth of microfinance to St Helens based medical device company, which manufactures a range of medical and surgical training products that are used by doctors and surgeons across the globe.
Inovus Ltd was created in 2012 by two directors, Dr Elliot Street and Jordan Van Flute, who successfully grew the business from a garage-based start up to a leading name in healthcare simulation. The business now sells products in over 35 countries worldwide.
The funding from NPIF – BFS & MSIF Microfinance, was completed by MSIF and was part of a larger funding round totalling over £200,000. The business will use the funding to expand its manufacturing facility in St Helens to cater for its ever-increasing product range and to support an increase in staffing as the demand for products grows.
Andy Jones, Investment Manager at MSIF, said: “I’m really happy that we were able to assist Inovus as they reached the stage where they were ready to scale up the business. Inovus has already grown due to the funding, and they should expect even larger levels of growth through 2018. I wish them all the best and look forward to seeing more of their innovative ideas come to fruition.”
Dr Elliot Street, Managing Director of Inovus, said: “The process of raising funds through NPIF was relatively streamlined which meant we were able to secure funding at a crucial time to support the launch of two of our new products. We have already noticed the positive effects of the funding and look forward to continued growth into the New Year.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The MSIF group of funds are managed by Alliance Fund Managers Limited which is regulated by the Financial Conduct Authority in the course of investment business. Financial Conduct Authority Registration Number is 180891.
BFS Funding Managers Limited is regulated by the Financial Conduct Authority as a Small Authorised UK AIFM under firm reference number 608682.
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