30th May 2022
Loughborough based medical device designer and manufacturer Uvamed has secured a growth finance loan from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund, and backed by the Recovery Loan Scheme (RLS).
The £250,000 investment will be used to fund new warehouse and sales staff, marketing activity, accreditation, patents and tooling.
Uvamed’s Rainbow Trays are compartmentalised trays for holding syringes containing anaesthetic drugs for use in surgery. These syringes are labelled using an internationally recognised critical care colour coding system which is replicated across the sections of the Rainbow Tray.
The concept was developed using extensive research in collaboration with healthcare professionals to reduce the cognitive load for anaesthetists working during an emergency and in high pressure situations.
Uvamed is an approved NHS supplier after its Rainbow Trays were successful in feasibility and usability trials and as its domestic and export sales continue to grow.
An estimated 237million medication administration errors occur across the sector each year in England, with the financial burden to the NHS upwards of £98million. The Rainbow Tray helps to mitigate the potential cost of litigation and aftercare, as well as improve patient experience and save lives.
Keith Fawdington, Managing Director at Uvamed, said: “The pandemic put our initial plans on hold as health services everywhere were overwhelmed. As our funding requirement didn’t fit traditional loan criteria, the MEIF investment proved crucial for us to expedite growth and get the products into hospitals. We look forward to having The FSE Group and MEIF on board as an investor.”
Ann Marie McFadyen, Investment Manager at The FSE Group, said: “Keith and his team have created an award-winning and industry-recognised solution to an identified market gap. They have expanded the range to provide for a number of medical environments and needs, including tamper evident trays, and they are working on a trauma tray for military field surgical teams. There is clear potential for the Rainbow Tray to become a go-to tool in operating theatres across the world and we are delighted to be supporting this dynamic team to achieve its potential.”
Lewis Stringer, Senior Manager, UKN at the British Business Bank, said: “The MEIF is committed to supporting innovative companies offering crucial services and products, and Uvamed’s contribution to the MedTech industry is a key example of this. Funding from the MEIF can lead to new and sustainable advancements in key industries and we encourage other Midlands businesses looking to grow in this way to consider MEIF funding.”
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. The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.
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