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

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(Last Updated On: December 23, 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 Devon, Innovate UK EDGE helped fan engagement innovator, Filmily, to expand into the US and raise $375,000, following participation in the Pitchfest investment readiness scheme.

Filmily is now working with The Dallas Cowboys, The San Francisco 49ers and The US Tennis Open alongside its partner, Wasserman.

“Innovate UK EDGE’s insights and proactiveness has made Filmily far more global and resilient – I don’t think we would have expanded into the US without their support,” says Andy Doyle, Co-Founder of Filmily.

“The Pitchfest coaching also helped us to structure our pitch, stand out from the competition and raise finance.”

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.

“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,” says Paul O’Collins, Manager of Innovate UK EDGE operations in the South West.

“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,” concludes O’Collins.

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

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