13 July 2023
As you will all know by now, Medmin recently completed the funding round we began almost fifteen months ago. In what has been the most challenging period for SME fund-raising for a decade, we were delighted to exceed our initial target and raise £1.45m from existing investors, new Angels and two important regional funds whose support in our venture has helped to significantly raise our profile in the business community.
Administered by Midven, The Midland’s Engine Investment Fund (MEIF), is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. The Midlands Engine Investment Fund is supported by the European Regional Development Fund, The European Investment Bank and The Department for Business, Energy and Industrial Strategy. We were delighted that Midven supported our vision for a better way of providing self-pay healthcare for uninsured patients with an investment of £500k.
You may have also seen in the financial pages of The Times, the announcement of the launch of the West Midlands Co-Investment Fund. The £25m fund has been set up by the West Midlands Combined Authority (WMCA) in partnership with the West Midlands Pension Fund to invest equity of up to £1m in innovative high growth SMEs in the WMCA area. Operating over a 10-year period, the fund will also focus on bringing new private investor money to the region, and using a co-investment model will invest alongside business angels and other private sector investors on a minimum £1 to £1 basis. Medmin was delighted to be the very first company to benefit from this new initiative with an investment by the fund of £250k which was matched by funds from new and existing Angel investors. Andy Street, (Mayor of The West Midlands), in launching the fund cited Medmin as an example of the innovation and creativity present in the region that the fund was set up to support.
