Nottingham-based Boditrax Technologies Ltd 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.
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. Nearly eight million people worldwide monitor their health and fitness journey using Boditrax’s technology.
The funding will allow Boditrax to accelerate product development and focus on its next generation of software and hardware offerings, exploring new market sectors and creating a subscription model. Two further product launches are planned following the investment.
Established in 2011, Boditrax is backed by an experienced management team led by Executive Chairman Oliver Wheatcroft and Managing Director Nick Stillman. The company works with leading medical, fitness, academic and corporate organisations, including the NHS, HM Government, Virgin Active and David Lloyd alongside elite sports teams – from F1 to the Premier League.
Investing in research and development
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.”
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.”
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.”
The Midlands Engine Investment Fund
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 Midlands Engine Investment Fund provides over £250m of investment to boost SME growth in the Midlands Engine Investment Fund area. The D2N2 ERDF contribution to MEIF is £11.75m.
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.
The Midlands Engine Investment Fund is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East Midlands.