Nottingham based Boditrax Technologies Ltd has received a £500,000 loan from the Midlands Engine Investment Fund, East & South East Midlands Debt Finance fund and Coronavirus Business Interruption Loan Scheme (CBILS) managed by Maven.
Boditrax’s technology monitors cellular health and composition to quickly deliver accurate data on up to 45 different metrics, from body fat and muscle to cellular integrity and metabolic efficiency. Boditrax devices are now used by nearly eight million people worldwide to manage their health and fitness journey. The company works with the world’s leading medical, fitness, academic and corporate organisations including the NHS, HM Government, Rolls-Royce, Cadbury’s, Kellogg’s, Virgin Active, David Lloyd, Fitness First, Sky TV, Airbus and many world class hotels, spas and elite sports teams from F1 to the Premier League.
With the UK fitness sector currently valued at £5 billion, Boditrax has plans to capitalise further on this growth by using MEIF funding to accelerate its product development plans and focus on its next generation software and hardware offering, exploring new market sectors and creating a new subscription model. The funding will also support continued R&D and two further product launches.
Established in 2011, Boditrax is backed by an experienced management team led by Executive Chairman Oliver Wheatcroft and Managing Director Nick Stillman. The team have been instrumental in driving Boditrax’s concept, design, implementation, and growth with the company now having the world’s largest body composition database.
Richard Brighty, Investment Manager for Maven comments: “Boditrax is a highly innovative technology business which has demonstrated strong resilience throughout the pandemic despite the lockdowns impact on its key market of commercial gyms. It has been a pleasure working with Nick and Ollie to provide this funding to support its continued growth through new product development."
Nicholas Stillman, Managing Director at Boditrax Technologies adds: “2020 was an undoubted challenge for many firms, but it also presented an opportunity to pause and consider plans for our own software and hardware platforms. The CBILS funding has provided the certainty to commit to what will be a ‘V2’ of the product and in many ways, the company. We have now invested heavily in research and development, our own Linux operating system and new infrastructure. Maven were incredibly supportive throughout. Richard, Jonathan and the team really took the time to understand our business plans and the commercial opportunities and challenges we had in front of us. I really could not recommend Maven highly enough.’’