Funding news - 31/07/2012
Biomedical Fund Backing North West Enterprise
A Cheshire medical device company which has pioneered a treatment for a heart condition is set to expand after securing £550,000 from the North West Fund for Biomedical.
Dot Medical has made a piece of equipment to treat atrial fibrillation – which causes an irregular and often abnormally fast heart rate – and affects1.5 million people in this country alone.
The funding for the Macclesfield company means it will be able to expand the number of centres treating the condition, and will allow it to take the first steps towards international expansion.
Dot Medical's MD, Dr Ian Rankin said:
"From a business perspective it will mean that Dot Medical will be able to expand globally from its current European base to China and India and ultimately the USA."
Dot Medical is the North West Fund for Biomedical's twentieth investment to date.
The North West Fund for Biomedical is a sub-fund of the North West Fund, a £184.8 million evergreen investment fund established to provide debt and equity funding to small and medium-sized enterprises from across the region. The fund will address an identified gap in the lending, venture capital and private equity markets.
The fund provides debt and equity finance from £50,000 to £2 million to help businesses develop and grow.
There are six individual funds designed to provide comprehensive and tailored financial support:
- North West Fund for Biomedical
- North West Fund for Business Loans
- North West Fund for Development Capital
- North West Fund for Digital and Creative
- North West Fund for Energy & Environmental
- North West Fund for Venture Capital
Applications for financial support may be made at any time.
Click here to visit the North West Fund website (opens in new window).
Source: thebusinessdesk.com, 31/07/2012