(L-R) Ryan Cartwright (British Business Bank), Gary Woodman (Worcestershire LEP), Stephen Wake (Validair) and Chris Rogers (Maven)
Funding will be used to expand overseas, invest in the product portfolio and create new jobs in Worcester region.
MEIF Maven Finance has provided Validair Monitoring Solutions Limited (Validair), a technical services and environmental monitoring solutions company, with a £160,000 funding package.
The funding will enable the business to expand its service offering overseas, invest in its product portfolio to meet growing market demand and support the appointment of four employees in the region.
Based in Worcestershire, Validair provides technical services and environmental monitoring solutions and equipment for use within cleanrooms and critical environments, where contaminants such as airborne particles and microbes are closely regulated and controlled.
Cleanrooms are used in every industry where small particles can adversely affect the manufacturing process, including pharmaceuticals, biotech, life sciences and food processing.
Validair’s systems and equipment monitor the number and concentration of airborne particles, as well as other environmental factors such as temperature, humidity, pressure, and gas concentration.
Due to the UK’s prominence in scientific research, the market opportunity for cleanrooms is strong, with total UK spend on cleanroom environmental monitoring systems being around £20m p.a. Validair is looking to capitalise on the growing demand for cleanrooms by focusing on emerging sectors that were previously ignored and expanding its service overseas.
Steve Wake, managing director at Validair Monitoring Solutions said:
“Securing this funding from MEIF Maven Debt Finance will enable us to expand the business into new geographies where the market for cleanrooms is experiencing strong growth. We’re extremely excited to invest in and develop our product portfolio and expand the team to help us achieve our growth ambitions. This is an exciting time for the business and we look forward to working with Maven in the coming years.”
Chris Rogers, investment manager at Maven Capital Partners said
“Validair is an established business with exciting expansion plans and we are delighted to support this highly passionate and committed management team on its continuing growth journey. It is clear that securing greater market share is easily achievable as Validair has proven solutions to a clear market need. We look forward to working closely with Validair team and supporting the firm’s growth journey.”
Grant Peggie, director at the British Business Bank, said:
“Validair is a good growing Midlands business which has identified new opportunities overseas using its innovative product and services. We are pleased that funding from the Midlands Engine Investment Fund is supporting Validair’s market expansion and is a further example of how innovative, growing firms can utilise MEIF for growth.”
Gary Woodman, chief executive at Worcestershire LEP, said:
“We’re delighted to see that Worcestershire-based firm Validair has taken advantage of the funding available through the Midlands Engine Investment Fund. The funding is to enable the business to continue its rapid growth and expansion plans which will contribute to economic growth for the county as a whole. The Midlands Engine Investment Fund is available to businesses across the region and I hope more businesses will capitalise on the benefits that this Fund can offer.”
The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The MEIF debt funds, managed by Maven, focus on providing growth funding to high-growth potential businesses located across the Midlands. Composed of two separate lots, of £50m for SMEs located in the West Midlands, and £40m for growth businesses in the East and South-East Midlands, the funds can provide finance of between £100,000 and £1.5million.
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement