• British Business Bank’s South West Investment Fund has driven almost £66m of investment into businesses across the region
• Latest deals include a medtech business and a social enterprise

The British Business Bank’s South West Investment Fund is marking its 150th deal having driven almost £66m of investment into new and growing businesses across the region.

Launched in 2023, the £200m fund is increasing the supply and diversity of early-stage finance for smaller businesses across the whole of the South West, offering loans from £25,000 up to equity investment of £5m.

The British Business Bank is the UK’s government-backed development bank dedicated to making finance markets work better for smaller businesses.

Latest figures show the South West Investment Fund has delivered £33.3m of direct investment, leveraging a further £32.4m from the private sector via 150 deals, with 135 businesses across the region receiving funding (some businesses have received more than one round of investment).

To date, 26 businesses have received £18.4m of equity finance, while 25 businesses have received debt finance totalling £9.6m. Smaller loans, totalling £5.4m, have been made to 84 businesses.

Lizzy Upton, Senior Investment Manager at the British Business Bank, said: “The South West Investment Fund was established to unlock the growth potential of the region’s businesses and we’re delighted to have marked the fund’s 150th deal. With investment reaching businesses at all stages in a wide range of sectors, we are supporting economic growth across the South West and catalysing private sector investment almost pound for pound.”

Among the most recent deals is an investment in Lutra Health, a medtech platform revolutionising eyecare, and AutonoMe, a social enterprise enabling neurodiverse people and those with learning disabilities to live and work more independently.

Lutra Health, which is headquartered in Exeter, secured £350,000 from the South West Investment Fund via appointed fund manager The FSE Group, as part of an ongoing fundraise also involving South West-based venture capital firm QantX.

The funding will allow Lutra to grow its team over the next three years and expand the reach of its platform which connects patients, optometrists, and eye surgeons to streamline the eyecare journey. This expansion will support key NHS initiatives set out in the recent spending review, such as enhancing digital capabilities and integrating services across care settings.”. The company said trials of its platform had shown a 91% reduction in cataract outpatient visits and a 54% reduction in surgical wait times.

Charles Solanki, CEO and co-founder of Lutra Health, said: “We’re thrilled to receive this funding from the South West Investment Fund, which will help us advance our technology and expand our team, ultimately improving patient care and streamlining processes across the eyecare spectrum. This funding marks a pivotal step towards our goal of transforming eyecare delivery.”

Meg Salt, Investment Manager at The FSE Group, said: “Lutra’s founding consultant eye surgeons have leveraged their clinical expertise and commercial savvy to address significant inefficiencies in existing eyecare pathways. Having been in communication with the business over the past year, we’ve witnessed exceptional trial feedback and the securing of both NHS and private hospital contracts, giving us confidence in Lutra’s ability to scale into a profitable company with a strong growth trajectory.”

AutonoMe, based in Weston-Super-Mare, received a six-figure investment from the South West Investment Fund through fund manager FW Capital. Founded by former SEND lecturer William Britton, AutonoMe supports neurodiverse individuals and those with learning disabilities by combining mobile technology with mentorship to develop skills for independent living and employment.

William Britton said: “AutonoMe was born out of the frustration I had surrounding the limited learning tools available for neurodiverse individuals and people with learning difficulties. I used my background as a Lecturer and Video Production experience to create a blended model of tailored learning tools using mobile technology alongside a real-life person as a mentor. I’ve been steadily growing the business and have now reached the point where I need additional finance to take the business to the next stage. This investment is instrumental to our growth.”

Ben Donati, Investment Executive at FW Capital, added: “AutonoMe has created a fantastic app that helps people with learning difficulties get into paid employment and live independently. Will and his team are passionate about this product and it’s making a real difference to confidence and success achieved by those with learning disabilities and neurodiversity.”

The South West Investment Fund operates across the whole of the South West region including Bristol, Cornwall and the Isles of Scilly, Devon, Dorset, Gloucestershire, Somerset and Wiltshire. There are four appointed fund managers through which applications can be made, depending upon location.

Find out more at www.southwestinvestmentfund.co.uk