High-growth businesses across Cumbria that need crucial investment to get through the current crisis are being urged to apply for the government’s specialist Future Fund scheme before it is too late.
Robert Dobson, corporate partner at regional law firm Napthens, said the firm has a number of clients who are going through the Future Fund process – which matches the investments from third parties to the same amount.
Napthens’ client VivoPlex Group applied for and successfully secured funding to further develop its specialist medical monitoring device for fertility treatments.
Charles Dickson, Vivoplex director said: “VivoPlex aims to transform fertility treatment and revolutionise understanding and improvement of women’s health. The Future Fund scheme has enabled us to continue to progress towards gaining a European CE mark for our first product. Rob Dobson and the team at Napthens supported us throughout the whole process.”
The government’s £500 million Future Fund was launched aimed at helping ‘innovative and high-growth businesses’ to support continued growth in sectors as diverse as technology, life sciences and the creative industries and closes at the end of September.
Robert Dobson added: “The scheme is limited in its total value and in duration so our message to those businesses that could qualify and need investment is simple – apply now before it runs out.
“Having been through the process, we’ve found that it does work for the relevant businesses and it is worth applying for. This finance bridges the gap where investment has already been made but been put on hold during the current pandemic, and allows the development of the business to continue.”
Companies can apply for a convertible loan of between £125,000 and £5 million to support continued growth and innovation. The fund is open to UK-based firms that have previously raised at least £250,000 in equity investment from third parties in the last five years.
