A Loughborough-based medical device designer and manufacturer has secured a £250,000 growth finance loan.
Uvamed received investment from the Midlands Engine Investment Fund (MEIF), provided by the FSE Group Debt Finance Fund, and backed by the Recovery Loan Scheme (RLS).
The company will use the cash injection to fund new warehouse and sales staff, marketing activities, accreditation, patents and tooling.
Chief Executive Keith Fawdington said: “The pandemic put our initial plans on hold as health services everywhere were overwhelmed.
Uvamed is an approved supplier to the NHS after its Rainbow Trays, which are compartmentalized trays to hold syringes containing anesthetic drugs for use in surgery, passed feasibility and usability trials.
“As our funding needs did not fit traditional lending criteria, MEIF’s investment proved crucial in accelerating growth and getting products to hospitals. We look forward to having the FSE Group and MEIF to our side as investors.”
Ann Marie McFadyen, Investment Manager at The FSE Group, added: “Keith and his team have created an award-winning, industry-recognized solution for an identified market gap. They have expanded the line to meet a number of environments and medical needs. , including tamper-evident trays, and they work on a trauma tray for military field surgical teams.
“There is clear potential for the Rainbow Tray to become a go-to tool in operating theaters around the world and we are delighted to support this dynamic team in realizing its potential.”