Fund is just the tonic for Sheffield Medical Company:South Yorkshire Investment Fund invest £30,000 in Sheffmed Trade Services
Published: 1st November 2005
Sheffmed, who design and develop a wide range of innovative surgical products, has raised £30,000 to further invest in the company's continued growth as it develops new solutions in response to the needs of clinicians.
South Yorkshire Investment Fund has invested in the business which was set up in 2000 and currently employs five people at its offices in the Don Valley, Sheffield.
Alan McNulty, Managing Director, is now seeking to grow the business further through increased research and development and will use the cash injection to fund further innovations and increased marketing, which he says will provide the opportunity for new jobs at Sheffmed.
"We operate in an industry where you cannot stand still and constant innovation is crucial if we are to grow further," said Alan. "The investment by the Fund will help us develop some exciting new medical equipment - some of these will have applications in the automotive and aerospace market as well as medical."
One key product developed by Sheffmed is a magnetic light system which will greatly aid the surgeon by providing light at the operative site of a patient. The lightweight solution attaches itself to surgical instruments providing surgeons with effective illumination in operative areas as close to the work as possible. The Magnet Light can be transferred from instrument to instrument and is disposable.
Investment Manager Karl Hodson said: "Alan and his team have built a very exciting and innovative business. Sheffmed operates in a very technical market and have invested a lot of time and money in research and development and we look forward to watching the company's progress."
South Yorkshire Investment Fund offers a range of loan and equity investments, ranging from £15,000 to £2.5m, to help small and medium businesses bridge the funding gap that often hamstrings growing businesses.
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About South Yorkshire Investment Fund
South Yorkshire Investment Fund provided seedcorn, loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund and Yorkshire Forward are investors in the Fund.
South Yorkshire Investment Fund also provided access to Business Angel investments from the Yorkshire Association of Business Angels and Microloans through BiG Business Loan Fund and Donbac Microloan Fund.
Finance Yorkshire has now taken on responsibility for providing gap finance in Yorkshire and the Humber.
For further details please contact Suzanne Tinkler, on 0845 649 0000.
South Yorkshire Investment Fund Ltd is a company limited by guarantee (Registered No 3936065). South Yorkshire Investment Fund comprises three sub funds, the South Yorkshire Investment Capital Fund, the South Yorkshire Investment Development Fund, which are each managed by YFM Venture Finance Limited, and the South Yorkshire Investment Small Business Fund, which is managed by Finance South Yorkshire Ltd. YFM Venture Finance Limited (Tel 0113 294 5000) and Finance South Yorkshire Ltd (Tel 01709 386 377) are each authorised and regulated by the Financial Services Authority. South Yorkshire Investment Fund also provides a number of services, which are not regulated by The Financial Services Authority. These include the pilot Seedcorn Fund, BiG Business Loan Fund, Mentorbank and access to the Donbac Microloan Fund. BiG Business Loan Fund is managed by Donbac Ltd (company registration No. 01925556) and Key Fund Yorkshire Ltd (Tel 0114 242 8900).