26th October 2020
A Nottinghamshire-based technology company responsible for developing laptop monitors to help businesses increase the productivity of staff working remotely has secured a £250,000 investment.
Dovetail Technology received the funding from First Enterprise - Enterprise Loans through the Midlands Engine Investment Fund (MEIF) and the Community Investment Enterprise Facility (CEIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The funding will allow the business to grow its operations and support fulfilment of orders across the UK and North America before expanding sales across Europe, Asia, Australia and South America.
The company was founded by Matthew Relf who designed and developed Packed Pixels in 2015 – a durable, lightweight and portable laptop monitor to provide users with all the benefits of working on two monitors that they’d experience in the office.
Following the success of the first generation of Packed Pixels monitors, Dovetail Technology has since launched two new models – Packed Pixels Go and Packed Pixels 4K.
Matthew, founder and CEO of Dovetail Technology Ltd, said:
“The idea for the portable laptop monitor came to me through frustration. I often found myself irritated when out on the road with a single laptop screen to work on.
“After a long journey of design, development, testing, and continuously making improvements, I’ve learned so much and I am excited to bring the latest Packed Pixels monitors – Go and 4K – to the market. I firmly believe the latest models are game-changing products for remote workers that need the benefit of multiple monitors. The funding from First Enterprise, Enterprise Loans and MEIF has been fundamental in making this journey happen.”
Sukhveer Chirrimar, Investment Manager at First Enterprise - Enterprise Loans, said:
“We are pleased to be able to support Matthew launch Packed Pixels Go and 4K monitors to the market and look forward to seeing the benefits they will undoubtedly bring to British businesses as they continue to see a large proportion of their workforces work from home.”
Lewis Stringer, Senior Manager at the British Business Bank, said:
“This is a great example of how MEIF funding can be used to support the launch of new products to market by innovative businesses across the East & South East Midlands.”
Sajeeda Rose, Chief Executive of the D2N2 LEP, said:
“SME growth will be the bedrock upon which our economic recovery from Coronavirus will be based.”
“I’m delighted to see the Midlands Engine Investment Fund supporting innovative and ambitious businesses within our region, producing products that help our region adapt to a working world with a new remote-orientated approach.”
First Enterprise – Enterprise Loans provide government backed finance to businesses across the East and South East Midlands with lending starting from £3,000 to £250,000. Since 2011, they have lent £35.3m to over 1,780 businesses, helping over new 1,120 start-up companies and 660 business expansions.
The Coronavirus Business Interruption Loan Scheme (CBILS) is 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 Midlands Engine Investment Fund project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The Community Investment Enterprise Facility (CIEF) was established by Big Society Capital and is managed by Social Investment Scotland (SIS). The fund is here to support viable small businesses throughout the coronavirus crisis. Loans through CDFIs – such as First Enterprise - Enterprise Loans –are accredited for the government’s Coronavirus Business Interruption Loan Scheme.
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