Medical devices startup to create jobs with new £650k investment
A new North Yorkshire-based medical device supplier has secured six-figure funding to expand its workforce and its global footprint.
GI UK Medical has secured £650k investment from NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
Founded by Andy Fox, Andy Smith and Lawrence Wade, the Northallerton-based startup specialises in gastroenterology products, and aims to bring new technologies to the UK from overseas.
With the new funding, the firm plans to hire two new members of staff, as well as strengthen its network of global partnerships, enhance its sales and marketing strategy and establish itself as a new NHS supplier.
Andy Fox, GI UK Medical’s managing director, commented: “The UK has the fastest growing demand for endoscopy procedures in Europe, due to an ageing population and rising obesity rates. Smart products can help the NHS to achieve economies and keep pace with demand.
“As an independent supplier not tied to any one manufacturer, and a growing, agile business, we are well placed to offer the most innovative products at the right price.”
Mark Wyatt, investment manager with Mercia, added: “Andy and his co-founders are a dynamic team who have built and grown other medical device businesses and have an in-depth knowledge of the sector.
“They aim to make GI UK Medical the most innovative supplier of its type. I look forward to working with them in this exciting startup business.”
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