A Woking based company that has been producing listening devices for the hard of hearing for more than a decade has received a further Enterprise M3 Expansion Loan to support new product roll-out.
Conversor’s Assistive Listening Devices (ALDs) have been helping individuals with hearing impairments since 2003 but over the last three years the company has increased its focus on products to assist individuals with dyslexia after seeing increased demand in this area.
An initial loan was secured from the Enterprise M3 Expansion Loan Scheme in 2014 to enable development of a notetaking app and software program that would complement Conversor’s existing offering. Following the successful development of Notetalker – an easy to use, feature rich app and PC program for recording lectures and meetings – a further loan was taken the following year to complete the development and undertake marketing activities. The current loan will be used to fund full rollout of the Notetalker solution and a new remote notetaking service, including new staff to facilitate the expansion.
Conversor owner, Jeremy Brassington, says: “We are experiencing significant demand for Notetalker in the face of changes to the government’s Disabled Students’ Allowance scheme, which now encourages the use of apps and lecture capture systems over digital voice recorders and in-class notetakers. This interest is boosted further by a drive towards assistive technology supporting the wider student body also. Our system provides a comprehensive and cost-effective solution for universities to address both of these issues.”
The growth of Notetalker has been rapid, with the software and services representing 35% of total company sales in 2016 following its 2015 launch. This year the figure is expected to reach 70%. To facilitate this heightened sales activity Conversor will use the £100,000 Enterprise M3 Expansion Loan to increase staff across sales support and management. The loan will also allow further product development to ensure it fully meets the needs of its client base.
Derek Ellis, Fund Manager at The FSE Group which manages the Enterprise M3 Expansion Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), comments: “Jeremy and the Conversor team have diversified their offering to take advantage of a clear opportunity. They have invested heavily in their websites, software development and people and are now benefiting from some first class assets which they are exploiting to achieve the desired growth. We are pleased to be able to provide continued support on this exciting journey.”
The Enterprise M3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, a £5.5million initiative funded by Enterprise M3 LEP. The escalator, which also includes an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.
For more information about the Enterprise M3 Expansion Loan Scheme please visit http://www.thefsegroup.com/enterprise-m3-expansion-loan-scheme or contact Derek Ellis at email@example.com tel: 01276 607302.