Everything Genetic secures £5m from Tradeplus24 to expand preventative healthcare testing
The Cheshire healthcare company has raised a financing facility from Tradeplus24 starting at £1.8m and scaling to £5m.
Everything Genetic is a Cheshire healthcare company specialising in genetic testing and healthcare diagnostics. The firm experienced strong revenue growth following the provision of Covid testing kits and supermarket supply deals.
Everything Genetic has secured a £5m funding facility from Tradeplus24 to support its ongoing expansion. The financing package begins at £1.8m before scaling up to £5m in line with company targets, following a period of strong financial performance that included a £35m turnover last year.
The capital will assist the firm in growing its presence within preventative healthcare testing, including the development of proprietary assays and expansion into pharmacogenomics. Chief executive James Price noted the deal reflects wider confidence in the life sciences sector.
Tradeplus24 commercial director Kevin Vendel cited the healthcare company's rapid growth and market adaptability as key reasons for the partnership. The revolving credit arrangement is designed to provide flexible working capital as the business pursues a £40m turnover target.
From the founder
"We’re delighted to have received the funding approval from Tradeplus24. It’s a significant deal which underpins the wider confidence into the life sciences sector and one which will help us to bolster our presence across the UK."
James Price
CEO and founder at Everything Genetic
Investor perspective
"Everything Genetic is the perfect business partner to work with for Tradeplus24. This due to their fast growth and adaptability to the market."
Kevin Vendel
Commercial Director, Tradeplus24
Use of funds
- 01Continue product development
- 02Fund research and development
- 03Scale operations
Investors
Categories
About the company
Everything Genetic
Everything Genetic provides genetic testing and healthcare diagnostics.