Maven Equity Finance leads £1.035 million investment in Alderley Lighthouse Labs
Funding will enable firm to invest in product development
Cheshire-based Alderley Lighthouse Labs Ltd has received a £1.035 million investment, with £800,000 funding from NPIF – Maven Equity Finance, managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund. This latest funding round includes a £235,000 investment from venture capital investor, Seneca.
The funding from NPIF – Maven Equity Finance and Seneca will enable the business to invest in product development to expand its current product suite of services and scale its team to service the growing demand for its testing services and support acquisition of new customers. With the technology infrastructure already in place, ALL now has the opportunity to access new markets to deliver testing for oncology and genome sequencing.
ALL is a laboratory-based testing facility, specialising in human diagnostics, with the aim of improving healthcare outcomes. The company provides a comprehensive range of diagnostic testing services including blood tests, urine tests, and cellular tests, enabling people to improve and sustain their health.
ALL’s founders, Mark Wigglesworth and Simon Chapman, have over 20 years of experience in healthcare, across pharmaceutical and diagnostic companies as well as the NHS. The pair previously played leading roles in developing and running the government Covid-19 testing facility in Alderley Park, Cheshire during the pandemic. ALL was founded immediately following the pandemic and developed into a laboratory-based testing facility, providing diagnostics using state of the art analytical testing methods.
With the rising prevalence of chronic diseases and increased government support towards early preventive diagnostics aimed at reducing long-term healthcare costs, the UK In Vitro Diagnostics (IVD) market is continuing to grow. The IVD market is now valued at more than £3bn, and the self-testing market within it is growing at over 20% per annum.
Gavin Bell, Investment Director at Maven, said; “With self-testing and outsourcing driving demand in lab diagnostics, ALL is addressing a genuine market need with its impressive lab facilities at Alderley Park. We’re delighted to support Mark and Simon as they embark on an ambitious programme of growth to scale its team and expand into new markets and looking forward to working with the team in Cheshire to help grow the business.”
Mark Wigglesworth, CEO at Alderley Lighthouse Labs said: “We are passionate about deploying the very best diagnostics and using them to support people across the UK. With this investment our laboratory in the North West can continue to grow, providing much needed diagnostic information to patients and support good clinical outcomes. It is tremendously exciting to be partnering with experienced investors that share our vison and can help us to accelerate the delivery of diagnostics in a new way”
Keira Shepperson at British Business Bank said: “The funding will allow ALL to invest in its product development, laying the groundwork for the business to shape the North as a leader in its industry. The investment will support Cheshire, and the wider region, developing it into a hub for research and development in the pharmaceuticals landscape. NPIF champions research and innovation, and ALL is a great example of how new approaches, with the right support and funding, can help shape the direction of an industry.”
Victoria Edwards, Investment Manager at Seneca, said: “In ALL we saw a unique opportunity to back an impressive team in establishing market-leading provision in a sector simultaneously undergoing change and attracting high levels of investment. Seneca’s follow on funding alongside Maven demonstrates the progress that Mark and Simon have made and supports this business to establish itself as a key player in diagnostic services.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.