News

Back to News

8th October 2019

Nottingham-based smart textiles company Footfalls weaves in additional investment to support expansion plans

NOTTINGHAM, 7 October 2019: Foresight Group LLP (“Foresight”) announces a further £749k equity investment into Footfalls and Heartbeats Limited (“Footfalls” or “the Company”) through the Midlands Engine Investment Fund (“MEIF”), leading a £1.5m round with additional backing from the University of Nottingham and several new and existing High Net Worth Investors. The Company continues to talk to new potential investors with a view to closing the round shortly.

Footfalls develops and manufactures patented smart sensor fabrics that can measure various data points including relative pressure, in addition to absolute pressure through its fibre optic technology which have applications in a range of fields from compression bandages in the medical sector to sports apparel used by athletes. The new investment is to be used by the Company to continue staff expansion as well as the continued development of advanced technology to develop new and exciting products.

In October 2018, Foresight made MEIF’s original investment of £249k into the Company as part of an initial £800k round having been impressed by the opportunity and the strong management team. Since then the Company has continued to grow its customer base and develop new innovative products for a global market that is increasingly demanding intelligent fabrics.

Commenting on the investment, Chairman of Footfalls, David Whelan, said: “Our ethos and drive is to change the world, especially in the field of healthcare. However, we realised we couldn’t do this alone. With not only the help of a substantial investment of £1 million from Foresight, but also with their continued support, advice and encouragement, we are really starting to make exciting headway in the world of smart textiles.”

This investment round will fund the expansion of the team adding further expertise in electronics, fibre optics and business development and will enable the Company to streamline existing product lines and roll out its next generation products, particularly within the medical industry.

Jordan Lavender, Investment Manager at Foresight, added: “We have been delighted with the commercial progress Footfalls has made since our initial investment late last year. The management team continues to work with this revolutionary technology and Foresight is excited to support this local technology company.”

Ken Cooper, MD at the British Business Bank said: ‘The Midlands Engine Investment Fund was created to support the ambition of companies like Footfalls and Heartbeats, providing funding to bring forward innovation and support growth. It’s great to see MEIF investment driving product development and employment in technology-backed companies.”

CEO of D2N2, Sajida Rose said of the investment: “Nottingham has always been a centre for innovation, from the MRI machine to HP sauce, and it’s that ingenuity that helps drive our economy forward. D2N2 is pleased to see this investment by the Midlands Engine Investment Fund into the latest example of Nottingham innovation, the benefits of which will hopefully be felt far wider than just our region.”

Follow @midsenginv


Worcestershire-based @RapidRetail has secured £98k from @B_C_R_S through the #MEIF in conjunction with #CBILS.

The finance boost will help the firm, which supplies modular retail units, to fulfil orders and protect jobs.

Read more in @insiderwestmids: https://t.co/9ANR7Ho2Kn https://t.co/DdPkIEmVqg
MidsEngInv photo

#MEIF finance can be used to support buying machinery, hiring staff or expanding into new markets. A recent Early Assessment Report found that the Fund’s investment was enabling more businesses to export abroad.

Read the full report here: https://t.co/husSGZCYQu https://t.co/m3PNR6Jf0K
MidsEngInv photo

We have launched a #MEIF LinkedIn. Follow the page for the latest investment news, Fund information and support on accessing finance: https://t.co/mhwkGSoAcr https://t.co/JOSv8rnRAQ MidsEngInv photo

The @BritishBBank’s Coronavirus Business Interruption Loan Scheme is available to SMEs disrupted by COVID-19. #MEIF fund managers @B_C_R_S, @FinanceSE and @1st_Enterprise join partners providing up to £5m to UK SMEs.

Find out more about #CBILS: https://t.co/2xEu9sVTmd https://t.co/7PDOSn4uUl
MidsEngInv photo

#MEIF Proof-of-Concept equity funding can help you get an idea off the ground and realise your business dream. Available via our fund manager @Mercia_PLC, find out more about this funding type here: https://t.co/mQ2yg2P91L https://t.co/zO1eTqSEvc MidsEngInv photo

Find Out More

If you would like to meet with one of our appointed Fund Managers to talk in more detail please go to Funds Available to find the Fund Managers operating in your area

Small Business Loans

£25k – £150k

Learn More
debt finance

Debt Finance

£100k – £1.5m

Learn More
equity finance

Equity Finance

£50k – £2m

Learn More

Proof of Concept

Up to £750,000

Learn More

Follow @midsenginv


Worcestershire-based @RapidRetail has secured £98k from @B_C_R_S through the #MEIF in conjunction with #CBILS.

The finance boost will help the firm, which supplies modular retail units, to fulfil orders and protect jobs.

Read more in @insiderwestmids: https://t.co/9ANR7Ho2Kn https://t.co/DdPkIEmVqg
MidsEngInv photo

#MEIF finance can be used to support buying machinery, hiring staff or expanding into new markets. A recent Early Assessment Report found that the Fund’s investment was enabling more businesses to export abroad.

Read the full report here: https://t.co/husSGZCYQu https://t.co/m3PNR6Jf0K
MidsEngInv photo

We have launched a #MEIF LinkedIn. Follow the page for the latest investment news, Fund information and support on accessing finance: https://t.co/mhwkGSoAcr https://t.co/JOSv8rnRAQ MidsEngInv photo

The @BritishBBank’s Coronavirus Business Interruption Loan Scheme is available to SMEs disrupted by COVID-19. #MEIF fund managers @B_C_R_S, @FinanceSE and @1st_Enterprise join partners providing up to £5m to UK SMEs.

Find out more about #CBILS: https://t.co/2xEu9sVTmd https://t.co/7PDOSn4uUl
MidsEngInv photo

#MEIF Proof-of-Concept equity funding can help you get an idea off the ground and realise your business dream. Available via our fund manager @Mercia_PLC, find out more about this funding type here: https://t.co/mQ2yg2P91L https://t.co/zO1eTqSEvc MidsEngInv photo

For the latest news and views join our mailing list

Join our mailing list

Just add your details below to receive the latest Northern Powerhouse Investment Fund news and information