Software business to expand after Midlands Engine Investment Fund backing

Redditch software firm Unique IQ has secured a “significant” investment from the Midlands Engine Investment Fund (MEIF).

Unique IQ provides software to the health, social care and cleaning sectors and will use the investment to further expand its Worcestershire team and develop its software.

David Lynes, managing director of Unique IQ, said: “This will provide us with opportunities to not only expand our team over the next three years but also focus on international growth, specifically targeting respected multi-national service providers to secure long-term contracts.”

Venture capital firm Midven is managing a £35m equity fund as part of the £250m MEIF, and can provide up to £2m to businesses with potential for high growth across the West Midlands.

Roger Wood, director at Midven, said: “Unique IQ has grown significantly and consistently over the last three years. Faced with further growth opportunities, both in overseas markets and within its existing customer base through an imminent new product launch, the further investment in the company will enable it to build out their team and progress their technology development whilst maintaining its existing high levels of customer service.”