Liverpool laboratory testing specialist the BioGrad Group, which prospered through COVID testing during the pandemic, secures new six-figure investment. Tony McDonough reports
Liverpool laboratory venture BioGrad Group is to expand its training division after securing a six-figure investment from the Northern Powerhouse Investment Fund II.
BioGrad Education will use the cash to grow BioGrad Education and create new jobs. Run by scientists, the division offers laboratory and clinic-based training courses that train people working in STEM (science, technology, engineering, and maths).
Courses range from Level 3 (A Level) up to Level 7 (Postgraduate) in its facilities at Liverpool Science Park. BioGrad will create new jobs, purchase equipment, tender for new contracts and roll out skills bootcamps across the UK.
BioGrad has not revealed the actual value of the cash injection but the £660m Northern Powerhouse Investment Fund II, launched this year, offers debt finance of up to £2m. It is delivered by FW Capital.
Originally called BioGrad Diagnostics, the business was set up by owner and chief executive Dr Natalie Kenny in 2014. It grew significantly in 2020 and 2021 as it pivoted to provide COVID testing.
Although the company does not have to file full accounts, documents filed on Companies House reveal the scale of the growth during the pandemic.
In the year to September 30, 2020, BioGrad’s net assets totalled just £52,000. However, in 2021 this figure rocketed to £5.2m. It then fell back to £3.6m in 2022 and £1.9m in the year to September 30 2023.
In January 2023 BioGrad announced a £7.6m investment into a new 10,000 sq ft ‘biobank’ as part of a £7.6m investment into its new headquarters in Wavertree Technology Park.
The skills bootcamps will include practical and theory sessions to help students to apply the techniques learnt into a practical laboratory setting, preparing them for the workplace.
Dr Kenny said: “We’re offering students the opportunity to access cutting edge science. There isn’t a one size fits all route into research, science and medicine but our training courses provide students with pre-experiences, spending time in laboratories with scientists.
“We’re excited about developing the Skills Bootcamps and are focused on further business growth.”
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Caroline Turley, investment executive at FW Capital, added: “Natalie and the team at BioGrad Education are passionate and entrepreneurial, leading their field in scientific advances and healthcare education.
“Their approach to helping young people in the STEM field is inspiring. I’ve enjoyed working with Natalie and the team, learning more about their future ambitions.”