Medical device company Inovus has raised over £200,000 in funding in a bid to scale up manufacturing.
business funding
The company secured £80,000 through the NPIF - BFS & MSIF Microfinance Fund, which is part of the Northern Powerhouse Investment Fund and is supported by the European Regional Development Fund. MSIF managed the investment which was part of a larger funding round totalling over £200,000.
Inovus was created in 2012 by Dr Elliot Street and Jordan Van Flute. Based in St Helens, the business hopes to use the funding to expand their manufacturing facility to cater for their increasing product range. The funding is also expected to help grow the company’s workforce by over 50% in the next year.
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, the Sellick cricoid pressure trainer and the SmartMan range of CPR manikins. We have already noticed the positive effects of the funding and look forward to continued growth into the New Year.”
Andy Jones, investment manager at MSIF, said: “Both Elliot and Jordan are great business men; they are young and ambitious and have successfully established Inovus as an innovative company within the healthcare sector.
“I’m really happy that MSIF were able to assist them 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.”