A Birmingham-based pharmaceutical business has secured a new funding line to support its growth plans.
Veenak International is based in South Yardley and specialises in wholesale, distribution, exporting importing and community pharmacy and its products are found in pharmacies and healthcare practices in the 海角视频 and Europe.
Last year, Veenak International partnered with Bibby Financial Services to structure a new £8 million funding package which has now been extended by a further £2 million.
The 25-year-old company has seen steady growth in recent years but has ambitious future targets and said it was set to double its annual revenue this year to more than £40 million.
Veenak International said it had managed to grow into new markets and expand its product offering over the past year, branching into medical devices such as diabetic test strips and womb care items.
It is now looking to stock more than 100 products and prepare for further growth despite current economic uncertainty in the 海角视频.
Group managing director Shan Hassam said: "The demand for our products over the last few years has been unprecedented.
"We have expanded into new markets and diversified our product portfolio. However, our growth ambitions were hindered by funding limitations.
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"Bibby Financial Services took the time to really get to know our business and understand our clients, both here in the 海角视频 and overseas.
"The support is helping us to grow outside of our core business and make meaningful strides into product expansion.
"We have set ourselves ambitious targets, but we are confident in the health of our business as we grow."
Jonathan Myerscough, relationship manager at Bibby Financial Services, added: "Veenak International's growth plans are well thought out and based on good business health.
"The team understands their markets and clients and set themselves ambitious but achievable targets that can be reached through consistent and sustainable growth.
"The success the company has achieved is testament to the importance of having access to flexible funding to support growth.
"The new funding will help Veenak International bolster their market presence and meet the demand of their clients globally."