MARsoftware Limited, the Hampshire based business which offers a medication adherence mobile platform, has successfully secured an expansion loan from the Enterprise M3 Expansion Loan Scheme. Established in 2009, MARsoftware provides bespoke software to assist pharmacies and care homes when dispensing medication, allowing greater safety when managing a patient’s medication.
Earlier this year the company released their new product, YOURmedPack. This is a small, discrete and fully-portable medpack. The pharmacy-dispensed pack contains all of a patient’s medication for a week, pre-organised into individual rounds throughout the day, based on their personal schedule. The medpack prompts users both visually and verbally to take each medication round, the pack can also alert a patients personal/community support worker in real-time if they ever forget to take their medication.
The £100,000 expansion loan will be used to scale-up the business, with the focus on a new sales and marketing division. The company will also be establishing a presence in the brand new DeskLodge facility, in the heart of the vibrant, innovative community, located in Basingstoke’s Enterprise Zone in Basing View.
David Appleby, Managing Director at MARsoftware, “Our new product YOURmedPack is an in-expensive way for pharmacies and care homes to easily monitor their patient’s medications. By enabling professionals to track when tablets are taken, and be alerted when they are not, there is peace of mind offered to patients and their loved ones. The ease this brings to the process of medication means less room for error. The secure and easy online ordering system safely cuts the time it usually takes to reorder prescriptions while the real time medication monitoring platform improves patient engagement. As well as health benefits YOURmedPack also saves money for everyone involved as there is no need for physical interaction for the pills to be given. With this funding we will look extend our market share in the UK and also look to replicate our success here by establishing ourselves overseas.”
Dr Mike Short CBE, Chairman of Enterprise M3 Local Enterprise Partnership (LEP) said: “Enterprise M3 LEP area has a thriving ecosystem of entrepreneurs who keep pushing the boundaries of technology-enabled solutions and we are committed to supporting their growth ambitions. We are delighted that MARsoftware has secured our Expansion Loan and also established presence in one of our Enterprise Zone sites. This will no doubt support their aspirations to grow, continue to innovate and create more jobs.”
James Edwards, Senior Fund Manager at the FSE Group, “Through their bespoke software David and the MARsoftware team offer the only end-to-end solution for mobile medical packs. With an alarming third of people forgetting to take their medication, the MARsoftware medpacks offer a great remedy to reduce this significantly. They have an exceptional product that will not only benefit pharmacies and the care home sector but also have a huge impact on patients’ wellbeing. We are delighted to be supporting the company through their next phase of growth and are excited to be part of their ongoing journey.”
The Enterprise M3 Funding Escalator is a £5.5m initiative funded by Enterprise M3 Local Enterprise Partnership. It includes a growth equity fund and provides eligible companies with loans and equity funding of £50,000 to £200,000 for activities delivering high-growth and employment opportunities.