New Motion Labs, an Exeter-based technology company, has successfully secured nearly £900,000 in funding. This substantial investment aims to drive job creation and support the firm’s expansion.
New Motion Labs has entered into an equity investment agreement with the South West Investment Fund, facilitated by the FSE Group. This influx of capital is a component of a larger £1.8m funding round, strategically allocated to bolster the company’s development in product innovation and marketing.
Renowned for its advancements in drivetrain technology, New Motion Labs has already charted success in the track cycling and e-bike sectors, including notable innovations in cargo and shared e-bikes.
The company is now setting its sights on the global industrial market, confronting the costly issue of chain failure that plagues numerous manufacturing processes.
With Damien Murphy at the helm as chief executive, the funding is seen as a pivotal turning point.
Murphy has stated, “This investment allows us to accelerate our growth trajectory, expand our product offering, and further penetrate the industrial market.“
The collaboration with the FSE Group was instrumental in securing not just funding, but also essential co-investors, proving vital in a challenging financial landscape.
Ralph Singleton, head of equity investment at the FSE Group, expressed strong confidence in New Motion Labs.
He highlighted the impressive track record and influential industry connections of its leadership team, emphasizing the potential for substantial market impact.
The newly secured funding will enable New Motion Labs to advance its plans for market expansion.
The primary focus will be on augmenting its product line and penetrating further into the industrial sector, where there is significant demand for its innovative solutions to manufacturing challenges.
This strategic move is expected to not only generate new revenue streams but also to create numerous new job opportunities in Exeter and beyond.
The South West Investment Fund plays a crucial role in supporting SMEs, providing loans and equity up to £5m to foster business growth.
Such strategic financial support is not only pivotal for the individual businesses like New Motion Labs but also for the regional economy at large.
This initiative demonstrates a commitment to bolstering innovation and employment throughout the South West, marking a positive trajectory for the local business ecosystem.
The significant financial backing of New Motion Labs marks a promising phase in the company’s expansion journey.
With strategic investments and a robust leadership vision, the company is well-positioned to make impactful strides in the tech and industrial sectors.
The substantial investment promises to invigorate New Motion Labs’ development and expansion efforts, underscoring its role in driving technological innovation within the industrial market.
