Pure Global Limited, a Hertfordshire-based social enterprise that have produced the world’s first lever-drive propulsion accessory for manual wheelchairs ‘NuDrive’, have received financing from the Social Impact Co-Investment Fund managed by The FSE Group and lead partner Resonance.
Easily applied to most wheelchairs, NuDrive provides a revolutionary way to self-propel significantly increasing independence & well being. This innovative propulsion accessory reduces the required effort to propel; protects the user’s hands and improves posture therefore reducing shoulder injuries. Winner of the 1st Prize in the 2008 Independent Living Design Awards run by the British Healthcare Trades Association, NuDrive was formally launched in late 2008 and is now being sold in the UK, Western Europe and the USA.
The Social Impact Co-Investment Fund has invested £100,000 to enable Pure Global to finance a business plan for growth and specifically to enable expansion in key geographic areas through newly recruited distributors. Chief Executive Robert Orford commented “I am extremely pleased to conclude another successful funding round into Pure Global Ltd. This shows that our private investors, along with a Fund like the SICIF believes in the commercial potential and positive social impact of the NuDrive product as much as we do. We are passionate about improving mobility through better wheelchair propulsion and we aim to have a positive social impact on an individual’s quality of life throughout the UK and the rest of the world”.
This is the first investment made by Social Impact Co-Investment Fund. The Fund makes an investment in the form of debt that has to be matched with an equal amount of private monies. Pure Global successfully concluded a private investment round of monies in January 2012 from existing and new shareholders allowing the company to apply for £100,000. This funding round was supported by the Central England Business Angels who commented that “We were working with Pure Global at the point when The FSE Group approached us with the Social Impact Co-Investment Fund. We immediately saw a match between the social impact of NuDrive and the need for additional money while preserving equity. The perfect solution was the contribution from the Fund, which both satisfied the company’s need for an infusion of cash, while maintaining the Angel investment value.
The FSE Group Chief Executive Sally Goodsell commented, “I am extremely pleased to be able to announce this first investment from the Social Impact Co-Investment Fund. NuDrive have a realistic and well-planned growth business plan. The assembled management team is highly credible and has a strong desire to deliver a positive social impact and this company was a sensible match for the investment criteria of such a Fund. We look forward to making similar investments into social enterprises with robust business plans that can deliver significant positive social impact over the next few months”.
Daniel Brewer, Managing Director at Resonance, lead partner responsible for the social impact due diligence of the fund commented “This is a great example of aligned social impact objectives and financial return. The social impact measurement requirements ensure the business will stay on mission and the hands-on involvement of a commercial business angel is a significant risk mitigator.”
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Resonance Limited is a company registered in England and Wales no. 04418625
Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.
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