Home Business News Funding For Business Growth

Funding For Business Growth

335
0

CSols, a specialist software for analytical testing in laboratories. The company that has been trading for 15 years is headed up by Dr Phil Goddard have achieved £100k of funding via the Regional Growth Fund and The North West Fund for Micro Funds, managed by Merseyside Special Investment Fund (MSIF).

The software is used to test samples, including water, food, pharmaceuticals, environmental and clinical.

CSols has an impressive customer base which includes water companies, hospitals, laboratories and household brands, such as Shell, Proctor & Gamble and Castrol.

MSIF provided a £100,000 investment using a combination of money from the Regional Growth Fund (RGF) and The North West Fund for Micro Loans.

Dr Goddard said: “We have aspirations for very rapid growth over the next two years and need funding to grow the business by selling more products into more application areas and expand internationally.

“Traditionally, we’ve sold our products directly to the end user.

“However, the instruments our software interacts with are generally sold via global instrument vendors, some of which are multi-billion dollar companies, and we are increasingly looking to distribute our products through them.

“We are, therefore, very focused on developing more software that will appeal to the instrument vendors.”

He added: “At the moment most of our business is in the UK.

“We expect significant growth overseas in the next two years as our products are of considerable value to customers in all developed countries.”

MSIF investment manager Sue Chambers said: “CSols is a very exciting business which has built up an impressive blue chip client base. The company is run by a strong management team.”

The North West Fund for Micro Loans is part of the wider North West Fund, which is financed by the European Regional Development Fund and the European Investment Bank.