14th October 2018

MEIF supports expansion package for medical firm

Funding will enable Warwickshire-based medical firm to invest in, innovate and diversify its portfolio, while also building its sales and marketing capability

Specialist provider of medical devices and equipment, IQ Medical, has received a £250,000 funding package through the Midlands Engine Investment Fund, WM Debt Finance fund, managed by Maven Capital Partners.

The funding will be used to fuel the development of new, high-performance products – allowing it to diversify its NHS Hospitals and Care Home portfolio and strengthen its sales and marketing team.

IQ Medical provides specialist medical equipment, disinfection services and planned and preventative maintenance to both the NHS and private sectors across the UK. Its cornerstone product is a portfolio of highly-effective and clinically-proven, Pressure Area Care (PAC) mattresses. Relieving pressure, these mattresses are used to prevent ulcers and sores in patients with restricted mobility, in both the public sector and private hospitals and care homes. With a lifespan of six years on average, the product requires regular servicing and cleaning, which IQ Medical also offers, supporting its recurring revenue streams.

IQ Medical is one of the leading providers of PAC solutions to the NHS and private healthcare customers and has published two medical papers highlighting their effectiveness, particularly in the home environment – a rapidly expanding market as the NHS seek to discharge patients out of high-cost hospital care. The drive for cost-effective home care services, particularly with a growing elderly demographic, has created an ideal market for IQ Medical’s proven PAC systems, recently highlighted in the British Journal of Nursing.

Dean Greenwood, Managing Director at IQ Medical said: “The funding package we have received from MEIF and Maven will allow us to invest in our product range, creating even more innovative and effective care solutions and providing patients with better facilities for their stay in hospitals, at home and in dedicated care homes in the UK. We are looking forward to expanding our team, unlocking new market opportunities and entering our next phase of growth.”

Andrew Ferguson, Partner at Maven said: “We are delighted to provide IQ Medical with the funding it needs to execute its growth plans, diversify the product range and strengthen the commercial arm of the organisation. The market backdrop, with a growing ageing population is favourable and the highly experienced management team has the vision and the skill to drive the business forward. We look forward to working with them in the coming months and years.”

Grant Peggie, Director at the British Business Bank, added:

“The Midlands is home to a network of high growth, innovative businesses including world leading medical technologies and IQ Medical is another great example of the strength in depth in this sector . Through the Midlands Engine Investment Fund, we are supporting small growing companies and providing them with the finance they need to continue to grow and create new jobs.”

Sean Farnell, a CWLEP board member, said: “It is really good to see a local, expanding business being provided with the financing it needs to help it realise its growth potential. We have a rich vein of innovation in Coventry and Warwickshire and IQ Medical work in a high-growth sector so we will follow its progress with great interest.”

The MEIF debt funds, managed by Maven, focus on providing growth funding to high-growth potential businesses located across the Midlands. Composed of two separate lots, of £50m for SMEs located in the West Midlands, and £40m for growth businesses in the East and South-East Midlands, the funds can provide finance of between £100,000 and £1.5million. 

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.