NPIF – Maven Equity Finance and Greater Manchester & Cheshire Life Sciences Fund co-lead Pre-Series A funding round for Flynotes
The digital healthcare consent platform, Flynotes, has successfully secured funding from NPIF – Maven Equity Finance, managed by Maven Capital Partners (“Maven”) and part of the Northern Powerhouse Investment Fund, and the GM&C Life Sciences Fund, managed by Catapult Ventures (“Catapult”).
Flynotes is addressing a major issue faced by doctors, dentists and patients alike: gaining valid and informed consent prior to delivering or receiving dental and medical treatment. Its platform provides a simple and effective digital solution to the current paper-based consent and disclosure process. This innovative interface between patients and health professionals is streamlining consent to treatment, removing inefficiencies brought about by paper forms and providing a fully compliant audit trail.
Flynotes has developed a niche and highly scalable product which is targeting a large addressable market across UK, US, Canada, Australia and New Zealand, valued at £1.2bn as of 2019. The business has also agreed a key commercial partnership agreement with Henry Schein, a global distributor of medical and dental supplies, who operate across 32 countries globally serving over 80,000 practices.
The funding from Maven and Catapult will enable Flynotes to invest in further product development as well as expanding its sales team to support the planned expansion into new key territories.
Govin Murugachandran CEO of Flynotes said:
“We are really pleased to welcome Maven and the angel investors alongside our existing shareholders. These unprecedented times have highlighted the importance and need for Flynotes digital consent and communication platform in delivering care safely and efficiently. This investment marks an important milestone that will accelerate the next phase of growth and expansion.”
Gavin Bell, Investment Manager at Maven, said:
“Flynotes impressed us with their ambition and ability to innovate in a sector that needs low touch digital solutions more than ever now. We’re delighted to be partnering with the team and Catapult Ventures to support the next stage of development.”
Chris Spencer, a Venture Partner with Catapult Ventures, and non-executive Chairman of Flynotes added:
“These are uncertain times for companies and clinicians alike. I’m delighted that existing shareholders, like Catapult, and new Flynotes investors, like Maven and angel investors, share our vision as we continue to build a digital communications platform for the dental market starting with digital consent.”
Sue Barnard, Senior Manager at British Business Bank, said:
“Innovative healthcare solutions are more important than ever, and we are proud to be supporting Flynotes and other forward-thinking businesses in this space. By providing crucial funding to support this kind of agility and global thinking, NPIF is continuing to unlock the growth of the North’s business community.”
The Northern Powerhouse 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.
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For media enquiries or any questions about the investment, please contact:
Maven Capital Partners
Nikola Clarke 07791 179 834 [email protected]
Sapience Communications (PR to Maven)
Borja Miquel 074 6347 7697 [email protected]
Sasha Johnson 077 1785 5741 [email protected]
Notes to Editors
About Maven Capital Partners UK LLP
Maven Capital Partners UK LLP (Maven) is an independent private equity house focused on the provision of flexible equity and debt funding for UK SMEs, and one of the most active managers in the UK having invested over £500 million in British businesses since 2009.
Headquartered in Glasgow, and with eleven offices throughout the UK, Maven has over 100 investment and support professionals providing a truly nationwide coverage. Maven has £660 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.
About the Northern Powerhouse Investment Fund
- The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
- The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
- The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
- The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding
- The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
- The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.
- The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb