Worcestershire business, AirTube Technologies are set to pursue new growth following funding from the Coronavirus Business Interruption Loan Scheme.
AirTube Technologies Ltd (“AirTube”), have been supported through a £175,000 investment to help them launch a series of new products.
The finance was secured through Maven Capital Partners (“Maven”) and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
AirTube specialises in the development, manufacturing and installation of pneumatic conveying systems and specialist cash managements solutions, alongside rising security screens and asset protection. The Worcestershire company is set use the funding to execute ambitious product development plans, with two new products launching within the next 12 months.
One of the products they are set to launch thanks to this investment is set to help reduce the spread of COVID-19 in retail and health businesses.
Attila Vitai, Director of AirTube Technologies Ltd, said: “We have developed two new products, one in our traditional market of cash management that will assist our customers to further automate their processes and a second product that will be used to sanitise products in the retail and health sectors, helping to reduce the spread of COVID-19. The funds will assist us in achieving our ambitious growth targets.”
Chris Rogers, Investment Manager for Maven adds: “We are delighted to support AirTube as they look to push forward with their ambitious product development plans. The investment via CBILS will provide the business with the additional capital it requires to achieve its next stage of development.”
Gary Woodman, Chief Executive of Worcestershire Local Enterprise Partnership, said: “During this challenging time for businesses I am pleased to see another Worcestershire organisation being supported. For those businesses looking for finance to support growth or diversify their operations there are various financial mechanisms to suit individual business needs and circumstances.
“It is fantastic that AirTube Technologies through this support has been able to launch new products which will help to protect other businesses by reducing the spread of COVID-19.”
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and industrial Strategy (BEIS). Deadline for CBILS applications has been extended to 31st March for UK businesses.