The Cheshire Health Company is pursuing ambitious growth targets after receiving £ 5 million from Tradeplus24.
Funding for Everything Genetic, which specializes in genetic testing and health diagnostics, follows a strong increase in revenue of the company, whose turnover for the last fiscal year amounted to 35 million pounds.
The business, which was founded in 2016, recently expanded its expertise in genetic screening to develop test kits at Covid and announced an agreement to supply hundreds of Tesco stores nationwide with side-flow tests.
The funding package from Tradeplus24 will start at £ 1.8 million and then grow to £ 5 million in line with Everything Genetic’s goals.
Over the past 18 months, the company has sold more than a million kits for testing on Covid and Genetics, allowing it to make another £ 1 million in investments and acquisitions.
According to James Genes, CEO and founder of Everything Genetic, this will allow the company to further expand its presence in preventive health testing, including the development of its own tests.
He said: “We are pleased to have received funding approval from Tradeplus24. This is a significant deal that strengthens greater confidence in the life sciences sector and helps us strengthen our presence in the UK.
“Britain is undoubtedly emerging from the pandemic as the energy of life science, from pioneering vaccines to deploying health measures.
“We are honored to play a small role in this; helps individuals and businesses of all sizes navigate the complex and ever-changing landscape of testing at Covid. Our tests and services have allowed people to travel abroad, run businesses and see loved ones.
“While we expect our proposal for corporate and consumer testing at Covid to remain an important area for us, we will seek to redirect our efforts to expanding our testing to genetic predisposition, pharmagenomics and developing our own analyzes.
“We are incredibly excited to see how we can offer solutions to consumers and the business community while developing the business in the coming years, and these investments will definitely help us realize.”
Commenting on the growth potential, Everything Genetic CFO Stuart Datton added: “In recent years, we have experienced a steady growth trajectory; one that demonstrates our ability to adapt quickly to changing global market conditions.
“Given our experience before the pandemic, we are also seen as a reliable player in the market. We stand out among others in the market, some of which were created almost overnight during the pandemic.
“This new financing agreement will help us increase our working capital and realize our new turnover target of £ 40 million, which will put us in the best position to earn future growth in the coming years.”
Kevin Wendel, Commercial Director of Tradeplus24, said: “Everything Genetic is the perfect business partner to work with Tradeplus24. This is due to their rapid growth and adaptability to the market.
“The revolving credit line Tradeplus24 is a flexible facility that grows along with their business, with no hidden fees or large amount of administration to deal with on a weekly basis. At Tradeplus24, we are excited to work with Everything Genetic and establish a long-term relationship. ”
For more information on Everything Genetic, please visit: https://everythinggeneticltd.co.uk