Camera tech firm Edesix to expand with £2m debt funding from Beringea's ProVen Legacy

Beringea, the London-based growth capital investor, has advised and arranged debt funding worth up to £2m to Edesix Ltd., a manufacturer of Body Worn Camera solutions.

The Edinburgh-based company will use the funding, provided through Beringea’s ProVen Legacy debt vehicle, to support the expansion of its sales operations as it targets growth in the US market.

Edesix, which was founded in 2002, will also use the funding to support recruitment and operational expansion.

The firm’s VideoBadge wearable camera system enables users across a wide range of industries to record video and encrypted footage. Edesix’s VideoManager software facilitates secure monitoring and control of cameras, as well as video editing and the preparation of evidence packages.

The company is opening a new office in New Jersey later this month, with a member of the UK sales team relocating to join current staff and new hires. Edesix also expects to launch new products which will enhance the current offering to the Video Management Systems (VMS) market.

Richard McBride, CEO of Edesix, said: “We’d been in conversations with Beringea for a couple of years before confirming this funding, and found them to be the perfect partner to help us at this vital stage in our journey as we look to grow our presence and sales in the US market.

“ProVen Legacy is helping us do that without having to raise additional equity. We’re grateful for the support, and look forward to working with the team.”

ProVen Legacy was set up by Beringea in 2017 to help investors mitigate inheritance tax using Business Property Relief. Investors in ProVen Legacy will benefit from up to 100% inheritance tax relief on the value of their shares, provided that they have been held for at least two years at the time of death.

Investments will be used to support growing companies across a range of industries as they enter the later stages of their scaling journeys, offering loans of up to £5m.

Mark Taylor, head of growth finance at Beringea, commented: “ProVen Legacy was created to help investors reduce the impact of inheritance tax - a growing problem for many, as the Baby Boomer generation reaches retirement age - but also to enable Beringea to support businesses at later stages in their growth journey once they have become mature enough to introduce an element of debt rather than existing investors having to give away equity.

“Edesix has built an impressive business in the UK over a number of years, and we are pleased to be supporting its growth into the US market - a major milestone for any UK business - through ProVen Legacy.”