Dental technology firm to launch new product following £200,000 MEIF backing
Wysdom Dental Technologies (“Wysdom Dental”) has received £200,000 from the Midlands Engine Investment Fund (“MEIF”) East & South East Midlands Debt Finance Fund, managed by Maven Capital Partners (“Maven”).
The Milton Keynes-based business plans to use the funding to invest in product development and launch its latest cloud-based software for dental practices in the UK.
Managed by experienced husband and wife team, Glenn and Jo Wynsor, Wysdom Dental has already developed a suite of software products including ‘Wysdom RotaAngel’, an online shift and holiday management system, ‘Wysdom Digital’, a platform that manages dental equipment sales and maintenance, and ‘Wysdom Store’ to help with the purchase of dental consumables.
Following the MEIF funding, the business is set to launch its ‘Wysdom Dental Practice Management System – CloudPlus’, which operates using a SaaS browser-based system. The funding secured will help finalise the remaining product development work and support the launch.
Glenn Wynsor, MD at Wysdom Dental Technologies comments:
“Following the MEIF funding, the business is set to launch its ‘Wysdom Dental Practice Management System – CloudPlus’, which uniquely operates using a Cloud/SaaS browser-based system synchronised to an on-premise bespoke server for 24/7 service continuity. The funding secured will help finalise the remaining product development work and support the launch.’’
Graham Hall, Investment Manager for Maven adds:
“Wysdom Dental has entered a new phase of growth following continued investment in R&D, helping to fine-tune its product portfolio and better serve clients’ needs. Following an introduction from Independent Banking Consultants (IBC), we are delighted to be able to help Glenn and Jo complete the final development of their new product. This is another great example of Maven and local advisors working together to deliver a timely growth debt solution.”
Lewis Stringer, Senior Manager at the British Business Bank, said:
“The MEIF was designed to fill gaps in access to finance and provide greater options for Midlands’ businesses. Wysdom Dental is the latest investment to be made by the Fund in a technology business, enabling more new, innovative products to be developed and taken to market and supporting economic recovery following the disruption caused by the Covid-19 pandemic.”
Vicky Hlomuka, SEMLEP’s Growth Hub Manager:
“The past year has been tough for everyone, and businesses have had to adapt accordingly. It’s fantastic that this Midlands Engine Investment Fund investment is helping a local business to innovate, launch new products and get back to growth. This will help expand the region’s advanced technology field even further.”
The Midlands Engine 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.
|Maven Capital Partners|
|Pooja Pankhania||0121 231 3016||[email protected]|
|Sapience Communications (PR to Maven)|
|Richard Morgan Evans||020 3195 3240||[email protected]|
About Maven Capital Partners UK LLP
Maven Capital Partners UK LLP (Maven) is a lower-mid cap private equity house focused on the provision of growth capital and mezzanine finance to SMEs across the UK. It is one of the most active private equity fund managers in the country, managing over £600 million of assets for a variety of client funds, including Venture Capital Trusts, UK regional debt and equity funds, Maven Regional Buyout Fund and Maven Investor Partners – a syndicate of institutional, family office and experienced investors.
Headquartered in Glasgow, and with ten other offices throughout the UK, Maven has nationwide coverage of the market for SME finance and is introduced to around 400 deals per year through over 40 regionally based investment executives. With 100 staff and partners, Maven executes a range of private company transactions, offers hands-on proactive portfolio management to investee companies and provides a fully integrated back-office support function to client and third-party fund managers. Maven manages £194 million regional fund mandates for investment in SMEs.
Since MEIF Maven Debt Finance launched, Maven has developed regional focused strategies, tailoring its approach to tackle the specific barriers local SMEs face in each Local Enterprise Partnership (LEP) area. In the West Midlands and East & South East Midlands, Investment Specialists, who each bring a wealth of knowledge of the region, have been appointed and the team is working closely with local chambers of commerce, advisers and business support organisations to assist local companies to identify and access the right funding to help their businesses grow.
About the Midlands Engine Investment Fund (MEIF)
- The Midlands Engine Investment Fund will invest in Debt Finance, Small Business Loans, Proof of Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
- The Midlands Engine 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 Midlands Engine 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 MEIF covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South East Midlands in the East Midlands.
- The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry for Housing, 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 www.gov.uk/european-growth-funding.
- The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, the West Midlands and East & South East Midlands.
- 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
About the British Business Bank
- The British Business Bank is the UK government’s 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. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
- The British Business Bank’s core programmes support nearly £8bn of finance to almost 94,800 smaller businesses. Since March 2020, the British Business Bank has also launched four new Coronavirus business loan schemes, delivering almost £73bn of finance to around 1.6m businesses.
- As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.
- In light of the coronavirus pandemic and EU Exit, the Finance Hub has expanded and it now targets a wider business audience. It continues to provide information and support for scale-up, high growth and potential high growth businesses, but now provides increased content, information and products for businesses in survival and recovery mindsets. The Finance Hub has been redesigned and repositioned to reflect this, during this period of economic uncertainty.
- British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at www.british-business-bank.co.uk
 Figures as at end of June 2020
2 Figures as at 28 January 2021