Cambridge based business Bactest Limited, which develops and sells products based on its proprietary technology platform that turns microbial activity into data, is the latest company to receive a growth loan from The East of England Regional Growth Loan Scheme.
The Company launched their first product “Speedy Breedy” in 2012 which is a portable microbial respirometer that provides in-situ rapid detection of microbial contamination. Speedy Breedy significantly reduces the time required for testing, as there is no need for samples to be sent to the laboratory.
Speedy Breedy was followed in 2015 by the companies’ second product “Shepherd”. Shepherd is an Activated Sludge Monitoring and Management System that floats in an activated sludge lane and automatically samples every 60 minutes calculating an accurate BOD5 proxy every hour that allows waste water companies to control aeration and significantly reduce both energy consumption and carbon footprint.
Andrew Taylor, Finance Director at Bactest Limited, “We are very excited about our range of products and are delighted to complete this latest round of funding. The £200,000 regional growth loan along with £600,000 in equity investment will enable us to focus on our sales strategies for both Speedy Breedy and Shepherd, as well as on-going product development. The funding also allows us to complete the design of the Speedy Breedy Field Lab and significantly increase our staff numbers, which is pivotal for the growth of Bactest.
Stuart Ager, Senior Fund Manager at Finance East, which manages the growth loan scheme adds, “With a highly experienced management team and significant support from Angel and Institutional investors, we believe that the future is bright for Bactest. They have an exceptional product and now have the structures and personnel in place to commercialise it accordingly. We are delighted to be supporting Andrew and the team through their next phase of growth and are excited to be part of their ongoing journey.”
The East of England Regional Growth Loan Scheme, which is funded by UK Government, provides up to £200,000 of loan funding to established businesses based in the region that show strong growth potential and are seeking funding to deliver that growth.
For more information about the East of England Regional Growth Loan Scheme, please visit http://www.thefsegroup.com/finance-east/regional-growth-loan-scheme or contact Stuart Ager at stuart.ager@thefsegroup.com tel: 01473 722910.