Innovate UK EDGE helps South West innovators raise £40m and scale rapidly in 2021

By Anita Jaynes on 24 December, 2021

Since launching in January 2021, Innovate UK EDGE has driven growth across the South West, helping regional innovators to raise over £27m in equity investments and loans, and more than £13m in grant funding.

Ambitious businesses from Penzance to Cheltenham have worked with Innovate UK EDGE Finance Specialists to identify appropriate funding sources, become investment ready and submit high-quality grant applications.

In Bath, anaesthetics innovator, Somnus Scientific, raised £600,000 following investment readiness support from Innovate UK EDGE.

Dr Tim Craft, Co-Founder and Chief Executive Officer, Somnus Scientific, said, “Innovate UK EDGE really helped hone our pitching skills – we now focus on getting our ‘home runs in early’ grabbing the investor’s attention early on with our key selling points.”

Across the South West, innovators have used the bespoke 1-2-1 support from Innovate UK EDGE to revamp their business strategies, boost sales through new marketing initiatives and introduce customer centric design principles.

In total, 540 businesses have accessed this support in 2021, with 190 entering new markets and 130 bringing new services to market – all following interventions from Innovate UK EDGE.

The subsequent growth has enabled these regional innovators to create 320 extra jobs in 2021.

Paul O’Collins, Manager of Innovate UK EDGE operations in the South West, said, “Innovate UK EDGE launched at a pivotal time for South West businesses with unprecedented restrictions on daily operations, new trading relationships with the world and major skills and supply chain shortages. We’ve reacted by delivering game-changing growth support that’s tailored to the needs of individual businesses across all areas of the economy.

“Going into 2022, Innovate UK EDGE will continue to provide game-changing growth support to all innovation led businesses, helping them to scale rapidly and improve our region’s standing in the global economy.”

To find out how Innovate UK EDGE can support your business with bespoke, funded growth support, click here.