Medical device manufacturer Inovus has secured £80,000 of funding through the NPIF to expand its manufacturing facility to meet demand for its increasing product range.
The funding, which was part of a larger funding round totalling over £200,000, also supports an increase in staffing as the Inovus product range grows.
The St. Helens-based company plans to increase its workforce by over 50% in the next year.
Dr Elliot Street, managing director of Inovus, said: “The process of raising funds through NPIF was relatively streamlined which meant we were able to secure funding at a crucial time to support the launch of two of our new products, the Sellick™ cricoid pressure trainer and the SmartMan™ range of CPR manikins.
“We have already noticed the positive effects of the funding and look forward to continued growth into the New Year.”
Andy Jones, investment manager at MSIF, said: “Both Elliot and Jordan are great business men; they are young and ambitious and have successfully established Inovus as an innovative company within the healthcare sector.
“I’m really happy that MSIF were able to assist them as they reached the stage where they were ready to scale up the business. Inovus has already grown due to the funding, and they should expect even larger levels of growth through 2018. I wish them all the best and look forward to seeing more of their innovative ideas come to fruition.”
Grant Peggie, director at British Business Bank, said: “We are pleased that NPIF though MSIF have provided Inovus with the support it needs to pursue further growth. NPIF is passionate about supporting ambitious, high-growth businesses in Merseyside, and we will continue to do so through the help of our fund managers.”
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