The York-based company’s admission to AIM was by way of a reverse takeover of Frontier Resources International, which has been renamed Concepta plc.
Concepta recently received £2.3m of investment from Finance Yorkshire’s Seedcorn Fund alongside Diagnostic Capital and the Angel CoFund, and Mercia Technologies invested £400,000 in Concepta earlier this year.
Frontier intends to raise £3.5m in new funds to support the continued growth of the business with Mercia investing a further £1m.
Finance Yorkshire chief executive Alex McWhirter said: “Finance Yorkshire was instrumental in the early stages of founding Concepta providing valuable investment, support and guidance. It is very pleasing to have been involved in the shaping of this innovative technology company and to see it grow to the global potential it enjoys today.”
Mark Payton, CEO of Mercia Technologies PLC, said: “Concepta Diagnostics is Mercia’s third direct investment emanating from Yorkshire, two of which have been from the Finance Yorkshire Seedcorn portfolio. This is testament to the quality of regional tech opportunities in the region which we have been very impressed with.
“The progress made by the management team at Concepta is significant and we are delighted that it has been admitted to AIM as we look forward to helping the company grow further over the months and years to come.”
Concepta’s product range has achieved registration in one of its largest target markets, China, where the abolition of the country’s one-child policy is expected to drive significant demand for a cost-effective, at-home fertility monitoring system as parents seek to have additional children.
Since its inception, Finance Yorkshire has invested in more than 460 companies, enabling them increase their turnover by a collective £377m and attract a further £273m from private sector sources. Finance Yorkshire investment has helped those SMEs to create and safeguard more than 12,000 jobs in the region.
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
Other Finance Yorkshire backed companies which have achieved AIM listings include Optibiotix Health, York, and Rotherham-based Xeros. Both received Seedcorn Fund investment from Finance Yorkshire.
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