6th July 2021
Nottingham-based Boditrax Technologies Ltd (“Boditrax”) has received a £500,000 loan from the Midlands Engine Investment Fund (“MEIF”) East & South East Midlands Debt Finance fund, backed by the Coronavirus Business Interruption Loan Scheme (CBILS), managed by Maven Capital Partners (“Maven”).
Boditrax’s technology monitors cellular health and composition to quickly deliver accurate data on up to 45 different metrics, from body fat and muscle to cellular integrity and metabolic efficiency. Boditrax devices are now used by nearly eight million people worldwide to manage their health and fitness journey.
Boditrax is planning to use the funding to accelerate its product development and focus on its next generation of software and hardware offerings, exploring new market sectors and creating a subscription model. The funding will support two further product launches.
The company works with leading medical, fitness, academic and corporate organisations, including the NHS, HM Government, Rolls-Royce, Cadbury’s, Kellogg’s, Virgin Active, David Lloyd, Fitness First, Sky TV and Airbus. This is alongside elite sports teams, from F1 to the Premier League.
Established in 2011, Boditrax is backed by an experienced management team led by Executive Chairman Oliver Wheatcroft and Managing Director Nick Stillman. The team have been instrumental in driving Boditrax’s concept, design, implementation and growth, with the company now having the world’s largest body composition database.
Nicholas Stillman, Managing Director at Boditrax Technologies comments: “2020 was challenging for many firms, but it also presented an opportunity to pause and consider plans for our own software and hardware platforms. The funding has provided the certainty to commit to what will be a ‘V2’ of the product and in many ways, the company.
“We have now invested heavily in research and development, our own Linux operating system and new infrastructure. Maven was incredibly supportive throughout. Richard, Jonathan and the team really took the time to understand our business plans, as well as the commercial opportunities and challenges we had in front of us. I really could not recommend Maven highly enough.”
Richard Brighty, Investment Manager for Maven adds: “Boditrax is a highly innovative technology business which has demonstrated strong resilience throughout the pandemic despite the lockdown’s impact on its key market of commercial gyms. It has been a pleasure working with Nick and Ollie to provide this funding to support its continued growth through new product development.”
Lewis Stringer, Senior Manager at the British Business Bank, said: “It’s great to see this latest MEIF deal helping another business to continue delivering innovative services and expand as a result. The Fund is committed to supporting Midlands’ business growth and helping firms, like Boditrax, to further establish the region as hub for technological innovation.”
Sajeeda Rose, Chief Executive of D2N2 LEP said: "Our region has a thriving technology industry, and I’m pleased to see continued investment by the Midlands Engine Investment Fund into innovative local businesses, such as Boditrax, to support their growth and development aspirations.”
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 Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.
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