Navitas secure £745k equity investment
Navitas Digital Safety has announced £745,000 of equity investment from the Midlands Engine Investment Fund (MEIF).
The Foresight Group, one of three equity fund managers working with the MEIF, has made the investment that will enable Navitas to roll out its automated health and safety technology to food and hospitality outlets across the UK.
Based in Leicester, Navitas provides handheld devices that work with accompanying software to monitor appliances, check food temperatures and feed data to a cloud-based programme. A digitalised system which allows brands to avoid food safety issues and wastage that historically may have caused reputational damage.
laining the nature of the investment, Navitas Group chief executive Ben Gardner said: "This is an incredibly exciting time for Navitas and we're delighted to be leading the way for many small businesses with big ambitions across the Midlands."
The investment will also allow the firm to take on 10 new staff, increasing its headcount to 33 employees and building its sales team.
Secretary of state for communities, the Rt Hon James Brokenshire MP, commented: "We're committed to boosting economic growth across the whole of the Midlands Engine and building a Britain fit for the future.
"The Midlands Engine Investment Fund plays an important role in realising this vision by supporting growing firms like Navitas, who have the ambition, but need additional investment. The growth and jobs created with help from the fund will benefit the entire Midlands - and, ultimately, the UK economy."
