Four Midlands businesses boosted via injection of funding
A QUARTET of West Midlands businesses have raised more than £600,000 worth of finance to fuel their growth with support from GrowthAccelerator.
The business coaching service has worked with all four businesses to prepare them for accessing finance in the form of grants, peer-to-peer lending and angel investment,
Stoke-on-Trent-based engineer and motorbike enthusiast Dave Vout has raised almost £120,000 through crowdfunding site Seedrs to launch BikeHud – said to be the world’s first heads¬-up display (HUD) system that gives motorcycle riders key information such as speed, engine revs and gear selection.
Charles Smith also benefited from advice on grants and IP. He runs Herefordshire-based Interpac, a business which is said to be set to revolutionise the production of corrugated cardboard via a new process that uses 90% less energy and costs 30% less than the current method.
As well as providing guidance on grants, marketing and patent applications, GrowthAccelerator also helped the company develop its business plan through its access to finance masterclass.
With £125,000 of funding secured from venture capitalists Midven and the Minerva Business Angel network, Smith is now working on a prototype and planning a further round of finance raising later in the year to develop it further.
Another business to gain from the access to finance masterclass is Mobile Solutions. Run by Mike Kenny in Telford, the company has developed SmartCheck, a mobile app and internet software solution to assist the transport industry’s drive for safety and roadworthiness compliance.
The masterclass not only provided the business with useful information, but the networking opportunity also led to a new partnership. Mobile Solutions use fellow GrowthAccelerator business Green Gorilla Apps as an outsourced resource to develop the internet side of their solution.
With financial advice and support from GrowthAccelerator the business has also secured £150,000 of angel investment to further develop their software.
GrowthAccelerator has also helped Birmingham-based Infinity Wireless, a firm which develops forensic level software recovery programmes. It has raised almost £250,000 via Boundary Capital and grants from both Birmingham City Council and Coventry University.
Matthew Lawrence, access to finance growth manager at GrowthAccelerator, said: “It’s fantastic to see so many innovative companies coming out of the West Midlands.
“With an injection of investment and some valuable support and guidance, these businesses have the potential to not only grow and make a positive contribution to the local economy, but to have an impact on a national and even international scale.”
GrowthAccelerator is a £200m programme aimed at helping England’s brightest businesses achieve their ambition and potential
It is a partnership between the private sector and Government and is part-funded by the European Regional Development Fund.
