- Midlands Engine Investment Fund II announces first deal with university spinout
- University of Nottingham spinout secures £500,000 for a Tourette’s therapy wristband
Neupulse, a University of Nottingham spinout, has secured a £500,000 equity investment through the Midlands Engine Investment Fund II, facilitated by appointed fund manager for the East and South East Midlands, Mercia Ventures.
Founded in 2021 by husband and wife team, Professors Stephen and Georgina Jackson, with Dr Barbara Morera at the University of Nottingham, Neupulse is pioneering a safe, non-drug treatment to help manage the symptoms of Tourette’s syndrome.
The wristband device stimulates the median nerve in the wrist to help control the tics or involuntary movements caused by Tourette’s syndrome. Clinical trials have shown the device can reduce tic frequency on average by 25% on initial use, with a further reduction in frequency after four weeks of use.
The funding will enable the company to finalise development of its device and carry out further trials as it seeks to gain regulatory approvals in the UK, Europe and the USA. It follows a £2.5 million investment earlier this year from a consortium including Eos Advisory and US-based investors and brings the total the company has raised to date to almost £4.5 million.
Paul Cable, CEO, Neupulse, said: “This funding from Midlands Engine Investment Fund II will take us one step further towards our mission to roll out our device and give new hope to people with Tourette’s. Having Mercia Ventures on board as a partner provides additional value, given its expertise in backing businesses that are developing new products and helping them gain entry to the US market.”
The £400 million Midlands Engine Investment Fund II covers the entire Midlands region and provides debt finance from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead.
Ken Cooper, Managing Director, Venture Solutions, British Business Bank said: “The Midlands Engine Investment Fund II has been established to ensure that businesses in the Midlands with strong growth ambitions have access to the finance they need. I’m delighted that the fund is supporting Neupulse, a spin out from the University of Nottingham, to help bring to market its innovative medical technology.”
Sandy Reid, Mercia Ventures added: “Tourette’s syndrome is believed to affect up to two per cent of all children worldwide but currently the only treatments are medication and behavioural therapy, neither of which are ideal solutions. Neupulse’s device offers a genuine alternative. This funding will help the company to bring it to market and transform lives.”
The purpose of the Midlands Engine Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the Midlands. The Midlands Engine Investment Fund II will increase the supply and diversity of early-stage finance for smaller businesses in the Midlands, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
ENDS
About the Midlands Engine Investment Fund II
- Operated by the British Business Bank, the Midlands Engine Investment Fund II (MEIF II) provides a mix of debt and equity funding. MEIF II offers a range of commercial finance options with small loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support smaller businesses in the Midlands at all stages of their development.
- The funds in which the MEIF II invests are open to businesses with material operations, or planning to open material operations, in the West and East and South East Midlands.
- Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
About Mercia Ventures
- Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech.
- Mercia Ventures is part of Mercia Asset Management PLC and sits alongside its wider private equity, debt and proprietary balance sheet capital operations. The Group has 11 offices in the UK and Mercia Ventures’ national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help its partner companies successfully achieve their ambitions.
