Vimeo logo Twitter logo LinkedIn logo

News

Header icon
Back to News Footfalls and Heartbeats Limited team

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

Derby manufacturer @ComplexiaUK is set to expand and create 7 new jobs after a £100k boost from #MEIF and @1st_Enterprise.

Funding will be used to invest in new machinery and support the firm as it moves into new markets.

Read more in @insidereastmids: https://t.co/wBhDHDCOXi https://t.co/wcCOQx46lT
MidsEngInv photo

Stay up to date with the latest investment news, views and deals on our #MEIF LinkedIn.

Connect here: https://t.co/2ArDcrrsVn https://t.co/hp9ODpRYO2
MidsEngInv photo

In a guest blog for @pegasusfunding, @LewisGStringer discusses how the @BritishBBank and #MEIF are working to improve access to finance for small businesses in the #EastMidlands.

Read it in full here: https://t.co/4ndpsGsIGT https://t.co/Y5GUIIQwfl
MidsEngInv photo

The #MEIF has helped to create new job opportunities across the #Midlands as our Early Assessment Report reveals funding has been used to increase employment in 81% of recipient businesses.

Read the full report here: https://t.co/NnfU2oqVQm https://t.co/2GGpUtmFaJ
MidsEngInv photo

If you're looking to get your business ambitions off the ground, #MEIF's Proof-of-Concept equity finance can help realise your business dream.

Find out more on our website: https://t.co/JZXreSnJwq https://t.co/f3agCaiRTM
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

Small Business Loans

£25k – £150k

Small Business Loans pageLearn More
debt finance

Debt Finance

£100k – £1.5m

Debt Finance pageLearn More
equity finance

Equity Finance

£50k – £2m

Equity Finance pageLearn More
proof of concept

Proof of Concept

Up to £750,000

Proof of Concept pageLearn More
Follow @midsenginv

Derby manufacturer @ComplexiaUK is set to expand and create 7 new jobs after a £100k boost from #MEIF and @1st_Enterprise.

Funding will be used to invest in new machinery and support the firm as it moves into new markets.

Read more in @insidereastmids: https://t.co/wBhDHDCOXi https://t.co/wcCOQx46lT
MidsEngInv photo

Stay up to date with the latest investment news, views and deals on our #MEIF LinkedIn.

Connect here: https://t.co/2ArDcrrsVn https://t.co/hp9ODpRYO2
MidsEngInv photo

In a guest blog for @pegasusfunding, @LewisGStringer discusses how the @BritishBBank and #MEIF are working to improve access to finance for small businesses in the #EastMidlands.

Read it in full here: https://t.co/4ndpsGsIGT https://t.co/Y5GUIIQwfl
MidsEngInv photo

The #MEIF has helped to create new job opportunities across the #Midlands as our Early Assessment Report reveals funding has been used to increase employment in 81% of recipient businesses.

Read the full report here: https://t.co/NnfU2oqVQm https://t.co/2GGpUtmFaJ
MidsEngInv photo

If you're looking to get your business ambitions off the ground, #MEIF's Proof-of-Concept equity finance can help realise your business dream.

Find out more on our website: https://t.co/JZXreSnJwq https://t.co/f3agCaiRTM
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