A Cheshire healthcare company is pursuing ambitious growth targets after securing a £ 5 million funding structure from Tradeplus24.
Specializing in genetic testing and health diagnostics, the Everything Genetic funding follows strong revenue growth for the company, which posted a turnover of £ 35 million in the last financial year.
The company, founded in 2016, recently strengthened its genetic screening expertise to develop Covid test kits and announced an agreement to supply lateral flow testing to hundreds of Tesco stores nationwide.
Tradeplus24’s funding package will start at £ 1.8 million, before growing to £ 5 million, in line with Everything Genetic’s goals.
The company has sold more than a million test kits across its genetic testing and Covid capabilities over the past 18 months, enabling it to make an additional £ 1 million in investments and acquisitions.
According to Everything Genetic CEO and founder James Price, it will allow the company to further expand its presence in preventive health testing, including development of its own tests.
He said: “We are delighted to have received funding approval from Tradeplus24. It is a significant agreement that strengthens broader confidence in the life sciences sector and will help us strengthen our presence across the UK.
“From vaccine pioneers to launching public health interventions, the UK is undoubtedly emerging from the pandemic as a powerhouse for the life sciences.
“We feel privileged to have played a small role in this; help individuals and businesses of all sizes navigate the complexities and ever-changing landscape of Covid testing. Our tests and services have enabled people to travel abroad, do business and see loved ones.
“While we expect our corporate and consumer Covid testing offering will continue to be an important area for us, we will aim to focus our efforts on expanding our genetic predisposition testing, pharmacogenomics and development of our tests.
“We are incredibly excited to see how we can provide solutions for consumers and the business community, further building the business in the years to come, which this investment will certainly help us achieve.”
Commenting on the growth potential, Stuart Dutton, Chief Financial Officer of Everything Genetic, added: “Over the past few years we have seen a steady upward growth trajectory; one that testifies to our ability to quickly adapt to the fluctuating conditions of the global market.
“Given our pre-pandemic experience, we are also seen as a trusted player in the market. We stand out from others on the market, some of which were created almost overnight during the pandemic.
“This new finance deal will help us strengthen our working capital and meet our new £ 40 million turnover target, which will put us in the best position to capitalize on future growth for years to come.”
Kevin Vendel, Commercial Director of Tradeplus24 said: “Everything Genetic is the perfect trading partner to work with for Tradeplus24. This is thanks to their rapid growth and adaptability to the market.
“Tradeplus24’s revolving line of credit is a flexible structure that grows with their business, without having hidden fees or a lot of administration to deal with on a weekly basis. At Tradeplus24, we are thrilled to work with Everything Genetic and to establish a long-term relationship. “
For more information on Everything Genetic, please visit: https://everythinggeneticltd.co.uk
Everything Genetic Secures £ 5m Seed Investment From Tradeplus24 – UK Technology Investment News
Source link Everything Genetic Secures £ 5m Seed Investment From Tradeplus24 – UK Technology Investment News