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£4.35m for East Midlands winners in Connect Midlands Investment Challenge


Five East Midlands companies were last week (October 10) announced as winners in the Connect Midlands £5 Million Investment Challenge - Nottingham-based CellAura Technologies and Pacemaker UK, SAKS Electronics from Derby, SynchroPulse Ltd from Lincoln and Daventry-based Green Energy Options.

The Challenge, sponsored by BT Business, offers up to £5 million in equity funding for high-growth and technology businesses. It is backed by Catapult Venture Managers Ltd, East Midlands Early Growth Fund (managed by E-Synergy) and supported by the East Midlands Development Agency (emda), GINEM and Advantage Business Angels.

• CellAura Technologies, which provides innovative screening products for the drug discovery industry, is seeking just over £500,000.

• Pacemaker UK, which has developed a new material for pre-school toys, is seeking £1million.

• SAKS Electronics, which has worked with some of the best known names in the industry to design the ultimate MP-3 player for visually impaired users – the VI-Player, is seeking £350,000.

• SynchroPulse, which designs and develops high efficiency electronic motor and controller technology, is seeking circa. £1million.

• Green Energy Options, which makes energy visible in homes and businesses helping customers reduce their carbon emissions, is seeking £1.5million.

All five companies will now enter into formal negotiations with the backers and, where appropriate, complete the due diligence process.

Mick Mcloughlin, BT's regional director for the East Midlands said: “BT Business recognise how important it is to support growing business to achieve their full potential, and is therefore delighted to be partnering Connect Midlands in such a worthwhile initiative.”

The winners were announced at a special awards ceremony by director of Connect Midlands, Isabell Majewsky, who commented: “I feel very privileged to have been given the opportunity to announce the winners of The Challenge. It is particularly significant for me as I am leaving Connect Midlands at the end of the week and I will greatly miss working with such exciting, high-growth businesses as these at such crucial times in their history.”

Each company entered the Challenge by completing the online assessment tool, ‘The Gauntlet’, developed by Doug Richard, formerly of Dragon’s Den. The Gauntlet acts like a virtual investor, seeking the crucial information that investors need and ensuring the business is investment ready.

Jeff Moore, Chief Executive at emda commented: "We are delighted to have been involved in this year's Challenge which has generated a great deal of interest from companies and investors alike.  Many congratulations must go to all the winners, but particularly those from the East Midlands.  I look forward to hearing about their progress and am confident that many more companies will receive further investment as a direct result of their participation in this exciting initiative."

Rob Carroll, managing director of Catapult, said: “It is very exciting to once again be involved in the Connect Midlands £5 million Investment Challenge. I am very impressed with the quality of this year’s applications and Catapult is looking forward to making investments into a number of the companies that have entered this year.”

Picture caption: Winners SynchroPulse accepting their award

More information about the Connect Midlands £5 Million Investment Challenge can be found at www.connectchallenge.org.

Terms and conditions apply - Catapult Venture Managers Ltd and E-Synergy (fund manager to the East Midlands Early Growth Fund), are authorised and regulated by the Financial Services Authority. Any investment made from the Investment Funds will be in the form of a commercial venture capital structured investment on which the Funds managed by Catapult Venture Managers Ltd and E-Synergy will be expecting a return.


Background information

About Connect Midlands
Connect Midlands is a not-for-profit network, linking high-potential technology businesses and entrepreneurs with the business training, finance, management and customers they need to succeed. www.connectmidlands.org.

The Challenge is supported by the European Regional Development Fund.

About Catapult Venture Managers Ltd
Catapult Venture Ma