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29th November 2018

Foresight makes £249,000 MEIF investment into smart textiles business Footfalls and Heartbeats Limited

NOTTINGHAM, 28 November 2018: Foresight Group LLP (“Foresight”) announces a £249,000 equity investment into Footfalls and Heartbeats Limited (“Footfalls” or the “Company”) through the Midlands Engine Investment Fund (“MEIF”).

Based in Nottingham, Footfalls has developed a revolutionary and proprietary process for manufacturing smart fabric, which uses nano-scale interactions within the textile to make the fabric itself the sensor. This technology can be used in medical applications such as bandages or within sports apparel and shoes, monitoring the pressure being exerted on a specific body part and transmitting data in real time, wirelessly to a receiver.

Investment from the MEIF will be used for continued development of product prototypes with several world leading commercial partners in the fields of healthcare and sports. Footfalls will also continue to develop its intellectual property, as well as purchase additional production equipment.

Footfalls was founded in 2012 by Simon McMaster, who has worked with the University of Nottingham (“UoN”) over a number of years. UoN is considered a world leading institution in the field of Fibre Optic Technology and has established a partnership with Footfalls to develop and exploit new technologies. The UoN has also invested in Footfalls and as a result is a major shareholder.

Commenting on the investment, Footfalls Founding Director, Simon McMaster, said: “These are exciting times and we are delighted to have Foresight’s backing. With their investment we can move forward with our plans to bring more prototyping in-house with the purchase of a bespoke, one-of-a-kind, knitting machine and the employment of additional staff to join the existing, multidisciplinary team. This investment will allow Footfalls to deliver the various development agreements in shorter time frames. It will also help us to achieve our patent and commercial licensing goals.”

In support, Jordan Lavender, Investment Analyst at Foresight Group, commented: “This innovative game-changing textile manufacturing technology developed by Footfalls & Heartbeats is precisely the type of opportunity MEIF was created for, where funding from other sources is hard to come by. We look forward to seeing the Company develop and grow as we share the journey with this enthusiastic team.”

Grant Peggie, Director, at the British Business Bank, added: “The Midlands Engine Investment Fund was set up to support companies such as Footfalls and Heartbeats to bring innovative new products to market. It is particularly good to see the that MEIF is working alongside the University of Nottingham to develop technologies that could have a global impact. Midlands’ universities are key drivers of innovation and growth across the Midlands Engine area and we would encourage all Universities across the Midlands to explore MEIF as a potential source of investment for small, innovative companies.”

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.

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Follow @midsenginv

Are you looking to secure business finance?

For information on what investment type is suited to your firm's needs, visit the @BritishBBank’s Business Finance Guide here: https://t.co/u5u3LyQcif https://t.co/LcHCDyt0kJ
MidsEngInv photo

Stay up to date with the latest #MEIF investments and fund announcements by visiting our news page here: https://t.co/8KEIg61nsB https://t.co/UyLelZ6LAM MidsEngInv photo

Are you new to the @BritishBBank’s #MEIF? For clear information on the finance available through the Fund please visit our Quick Reference Guide here: https://t.co/SDilCE6y9Q https://t.co/cjEwnvR6n9 MidsEngInv photo

The #MEIF is now on LinkedIn. Follow us for the latest investment news, fund updates and information on securing external finance.

Connect here: https://t.co/mhwkGSoAcr https://t.co/VXP3Zc0pJ0
MidsEngInv photo

#MEIF Small Business Loans are available for a wide range of purposes including filling gaps in growth capital, funding new projects or purchasing equipment.

Connect with our fund managers @B_C_R_S and @1st_Enterprise and access more information here: https://t.co/FMbFV547x6 https://t.co/hnbIVDvsgI
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