A Devon-based eyewear specialist that designs adjustable glasses frames for children including those with craniofacial disorders such as Down Syndrome has secured funding to grow the business.
Exeter Eyewear, which is based at Exeter Science Park, is among the first companies to secure finance from the British Business Bank鈥檚 South West Investment Fund.
The 拢31,000 loan from SWIG Finance as part of the South West Investment Fund is part of a growth package worth 拢57,000. It will be used by Exeter Eyewear to support the creation of a new range of children鈥檚 glasses frames.
Exeter Eyewear is also planning to make a "significant investment" in digital resources as part of its growth strategy to drive innovation in design, production and marketing, it said.
The company is owned by Rob Barrow, who has more than 20 years of experience in the eyewear sector and has been recognised for his work helping young people see better by the Parliamentary Trust as part of the NHS鈥檚 75th anniversary.
He said: 鈥淭he assurance of additional manufacture quantities and cash reserves has opened the doors to larger-scale business in our favour. We have now been able to take our prototype models to a major 海角视频 provider, who has fully backed our product to the extent of taking their own products out of manufacture.鈥
Jody Tableporter, director 海角视频 and regional funds at the British Business Bank, said: 鈥淲e鈥檙e delighted the investment from the South West Investment Fund enables Exeter Eyewear to scale up and start production of more than 4,000 specially designed children鈥檚 frames. That鈥檚 good news for the business and great news for children who require this specialist eyewear.鈥
SWIG鈥檚 Rachael Taylor added: 鈥淩ob鈥檚 passion for the project, a strong concept and design purpose, as well as his experience, were clear indicators this business was not only an innovative idea, but one that will improve the daily lives of many children.鈥
The purpose of the 拢200m South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West.
The fund covers the entire South West region and provides loans from 拢25k to 拢2m, and equity investment up to 拢5m to help a range of small-and-medium-sized businesses.
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