‘Significant investment’ for West Midlands tech firm
A software provider which serves the health, social care and cleaning sectors has received ‘significant investment’ to help it expand.
Unique IQ, based in Redditch, will use the finance from Birmingham-based venture capital firm Midven to expand the team and further develop its products.
Founded in 2003, the company aims to manage remote and mobile workforces such as carer visits.
“We’re delighted with the investment from Midven,” said managing director David Lynes.
“This will provide us with opportunities to not only expand our team over the next three years but also focus on international growth, specifically targeting respected multi-national service providers to secure long-term contracts.”
Midven director Roger Wood added: “Unique IQ has grown significantly and consistently over the last three years.
“Faced with further growth opportunities, both in overseas markets and within its existing customer base through an imminent new product launch, the further investment in the company will enable it to build out their team and progress their technology development while maintaining its existing high levels of customer service.”
Midven was appointed earlier this year to manage the £35 million equity portion of the Midlands Engine Investment Fund.
The fund is supported financially by the European Regional Development Fund and the European Investment Bank.