Healthcare simulation firm to scale St Helens operation with £200k funding
A medical device company based in St Helens is scaling its manufacturing operation with Northern Powerhouse Investment Fund (NPIF) backing.
St Helens-based Inovus Ltd, which manufactures medical and surgical training products used by doctors and surgeons around the world, has secured more than £200k to unlock growth, including £80k through the NPIF - BFS & MSIF Microfinance Fund.
The company was founded in 2012 by directors Dr Elliot Street and Jordan Van Flute. From its launch as a garage-based startup, the firm now sells its products in over 35 countries.
With the funding in place, Inovus will expand its manufacturing facility to cater for an ever-increasing product range, in addition to increasing its workforce by more than 50% in the next year.
Inovus MD Dr Elliot Street 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 North West funding provider MSIF, which managed the Microfinance Fund investment, commented: “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.”
He added: “I wish them all the best and look forward to seeing more of their innovative ideas come to fruition.”
Northern Powerhouse Investment Fund is run by the British Business Bank, whose director Grant Peggie 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.”