Boditrax Technologies secures £500k of fundingwritten by Bella Palmer
The company works with a number of medical, fitness, academic and corporate organisations, as well as top sports teams
Boditrax Technologies has secured £500k of Coronavirus Business Interruption Loan Scheme (CBILS) funding to accelerate its product development plans.
The Nottingham-based health and fitness tech company secured the loan from the Midlands Engine Investment Fund East & South East Midlands Debt Finance fund, managed by private equity house Maven Capital Partners.
Boditrax’s technology can be used to monitor up to 45 different metrics within the body which include body fat and muscle, cellular integrity and metabolic efficiency.
It says its precision analysers and software are used by nearly eight million people worldwide to manage their health and fitness.
It is planning to use the funding to accelerate its product development and focus on its next generation of software and hardware lines, explore new market sectors and create a new subscription model. The funding will support two further product launches.
The company works with a number of 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, as well as elite sports teams, from F1 to the Premier League.
The Boditrax management team is led by executive chairman Oliver Wheatcroft and managing director Nick Stillman.
The team has been instrumental in driving Boditrax’s concept, design, implementation and growth, and the company is now said to hold the world’s biggest body composition database.
Nick Stillman said: 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, he said.
Maven provides investment opportunities in venture capital trusts, private equity and property, with regionally based teams across 10 offices and over 90 investment executives and support professionals.
Maven investment manager Richard Brighty said: 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, he said.
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 a hub for technological innovation.
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