Further Isle of Man Enterprise Development Scheme (EDS) investments have continued to complete in the last month, SPARK Impact Limited (SPARK) has confirmed.
It follows April’s announcement that several agreements had been reached and funding of more than ?1.2 million committed to help bring new businesses to the Island and expand existing on-Island firms.
As noted previously, SPARK has confirmed the agreements are across a number of sectors, including healthcare, eCommerce and technology, and that advanced negotiations with more businesses are continuing.
SPARK was appointed in March 2016 by the Isle of Man Government Department of Economic Development to run the Accelerator and Relocator elements of the ?50 million EDS.
Mark Borzomato, Investment Director at SPARK, said: ‘Over many months our team has been engaged in discussions with a number of business both on and off the Isle of Man and a series of agreements have been concluded, allowing jobs to be created, companies to launch or expand, and firms to relocate to the Island.
‘There continues to be a great deal of interest in the EDS and things are moving rapidly, with further agreements concluded in the last month. The huge potential of the EDS is being realised and we are actively involved in further discussions which we hope will lead to more deals being completed soon.’
Offering flexible funding packages, including loan and equity investments, the EDS is open to businesses at all stages, from start-up to expansion and development.
Among those to have received support is Nimbus Medical Holdings Limited. Founded in Merseyside in 2014, the technology firm has received equity investment as part of the EDS to allow it to expand. As a result, Nimbus relocated to premises in the Isle of Man in late 2016 and has already created three new jobs in the Island.
The company has developed the InterCare® integrated technology platform which enables the elderly and chronically ill to safely live at home rather than in a hospital or care home setting. InterCare® utilises sophisticated software to allow medical professionals to set healthcare parameters, such as blood pressure and temperature, which can be monitored remotely by the computer system and can alert the medical professional on an exception basis when the parameter is outside the expected.
During a 12-month trial in an NHS setting InterCare® delivered a 33% reduction in home visits, a 43% reduction in follow-up outpatient visits and a 37% reduction in unplanned admissions; 100% of patients said that they liked the system. InterCare® also delivers video and audio communication and entertainment services to the users, helping them to live more independently and this, combined with the monitoring of their vital signs, showed that the system reduced anxiety by 67%.
The technological advance not only improves care and quality of life for the patient, but can contribute to savings which average 37% in the recent trial. NHS trusts in the north of England are already using InterCare®, and Nimbus is ready to roll out the system to more users.
Chief Executive Officer John Curtis, who has moved to the Island, said: ‘We have invested significant resources and time into designing and developing InterCare®, and its value has been demonstrated during extensive trials. We are now ready to step up production and distribution, which will require further investment.
‘Equity investment from the EDS gives us the foundation we need to make that next step. We have relocated the business to the Island, where we can take advantage of the excellent infrastructure and expertise of the business community to grow Nimbus. We have already created new jobs in the Island and have plans to add to that number as our expansion plans, underpinned by the EDS investment, are implemented.’
Another business to recently receive EDS support is start-up Scout4. Registered in the Isle of Man, the new company has launched an app-based marketplace for the UK construction industry, called Jobhawk, which in just a handful of weeks has attracted hundreds of users.
Jobhawk is a new concept for the industry, matching construction workers such as carpenters and bricklayers with major subcontractors, with an app which easily allows them to find jobs, apply and get hired.
Chief Executive Officer Steve Langkamp said: ‘The Isle of Man is an excellent location for an e-business like Jobhawk. We've had super support from the Bridge Angel Network and many local businesses, including KPMG, Middleton Katz, Keystone Law and Greenwave Accounting.
‘In a very short time we have seen hundreds of skilled tradespeople and many subcontractors sign up to Jobhawk, including major UK industry names like Pantera Carpentry, Wolfe Bricklaying Contractors and T&K Timber Engineering.
‘With the firm foundation of the EDS equity investment we will be looking to expand our team and grow the business further from the Isle of Man.’
Scout4 has also welcomed Chris Hall to the board as non-executive director as part of its recent funding round.
Commenting on the transaction Michael Bakewell, Senior Investment Manager at SPARK, said: ‘We are delighted to have had the opportunity to support Scout4, a business with a highly experienced and strong management team which is showing a firm commitment to the Isle of Man.’
SPARK Investment Director Mark continued: ‘Businesses supported by the Isle of Man EDS are already making a mark, taking premises in the Island, creating local employment in highly skilled jobs and making an impact in their marketplaces.
‘The EDS invests up to ?1 million in businesses on or relocating to the Isle of Man through a variety of debt and equity investment instruments, and is available across a very broad range of sectors. There is huge potential both for the Island and for businesses which need support to launch or take that next step forward, and we’re very excited about the future.’
The SPARK Isle of Man team, led by Mark, Michael and Investment Manager Christine Walters, can be contacted by calling 01624 629741 or emailing info@sparkimpact.co.uk. For more information about the EDS Accelerator and Relocator programmes visit http://sparkimpact.co.uk/funds.
Photo - SPARK Impact Investment Director Mark Borzomato (left) and Nimbus Medical Holdings Limited Chief Executive Officer John Curtis.
