Member Article

NEEMF keeps North East businesses fresh

A North East business development organisation is urging local companies to make the most of potential investment opportunities in the credit crunch.

Entrust believes that investment from the £2.5 million North East Equity Matching Fund (NEEMF) could be the boost some of the region’s most promising business need in the current tough times.

Recently, Newcastle-based ethical technology company Biofresh, which has developed a range of innovative products to keep food fresh, has received NEEMF funding to undertake its next stage of growth. This investment comes on the back of the company’s recently awarded UK licence to prevent potatoes in storage from sprouting by using the natural gas, ethylene.

NEEMF is a co-investment fund which aims to generate and increase business angel and private investment activity in the North East. NEEMF aims to match investments made by private investors or business angels who may not have sufficient resources to wholly fund the business and where they wish to minimise risk.

Sarah Thorpe, Investment Executive, Entrust said: “Not every business story is gloomy, and while Biofresh cannot ignore the difficult economic climate, the company has been able to turn to Entrust for support and has accessed vital first and second round NEEMF investment.

“This has allowed it to consolidate and expand operations across the UK, launch into new markets (such as Europe and Japan) and attract top class Sales and Marketing Director, Richard Miles, to help take the business forward. We are delighted to support this success and wish Biofresh well in the future.”

Professor Jerry Barnes, Director and co-Founder of Biofresh said:

“We are passionate about consolidating and growing the business in the North East and supporting the work of other local business in parallel with our desires to launch global operations through distributors. We would not be in this position had Entrust and NEEMF not opened doors for us.”

For further information on NEEMF visit www.neemf.co.uk.

This was posted in Bdaily's Members' News section by Ruth Mitchell .