Funding provider increases stake in pathology and lab testing specialist

Venture capital firm, Maven Capital Partners, has completed another investment into Alderley Lighthouse Labs, in Cheadle.

It follows an initial £1m investment by Maven into the business, a human diagnostics business which provides comprehensive laboratory testing services to improve healthcare outcomes, in July 2023.

Haydock-based Seneca Partners made a £500,000 investment into Alderley Lighthouse Labs in October 2022.

Alderley was founded in May 2022 by Mark Wigglesworth and Simon Chapman, who had previously established the emergency ‘Lighthouse’ capability at Alderley Park during the Covid-19 pandemic.

It grew to ‘super-lab’ status and during the pandemic accommodated more than 800 staff members, processing 80,000 tests daily.

With an initial focus on blood science and molecular diagnostics, Alderley’s service offering has grown quickly.

Maven’s first backing for the business was through a funding round led by NPIF Maven Equity Finance.

Since then, Alderley has performed strongly, expanding its customer base and significantly increasing annual revenues.

The investment from the Maven VCTs will provide additional capital for the business as it scales.

This will enable Alderley to increase capacity to capitalise on its strong pipeline of opportunities both in the public and private sector, as well as facilitate the development of more specialised, high value screening and testing areas.

Alderley operates in the large and growing diagnostics market.

The market is estimated at more than £3bn and is growing at a compound annual growth rate of 7.59%, driven by increased NHS outsourcing in lab diagnostics.

Gavin Bell, Investment Director at Maven, said: “Since our initial investment through the Northern Powerhouse Investment Fund the business has significantly grown its revenues through new customer acquisition and increased volumes with existing clients.

“This new investment from the Maven VCTs will enable Alderley to continue its impressive growth trajectory and expand its footprint in the attractive healthcare diagnostic services market.”

Mark Wigglesworth, CEO at Alderley Lighthouse Labs, said: “This new investment starts a very exciting next stage for us, the portfolio is continuing to grow, we are in the process of transitioning to a new facility, and we have very clear strategic opportunities to diversify into new areas.

“This funding will enable us to achieve all of this, establishing the business in the Greater Manchester area and readying the organisation to provide diagnostic support to whomever should need it.”