MEIF Maven invests £250,000 in Nottingham-based sportstech business BatFast
Added by Love Business East Midlands | 13 June 2022
UPDATED: 14 June 2022
Nottingham-based BatFast Cricket Centres (“BatFast”) has secured a loan from the Midlands Engine Investment Fund (‘MEIF’) Debt Finance, managed by Maven Capital Partners, and backed by the Recovery Loan Scheme (RLS).
The funding will enable the company to invest in its sales and marketing resources, undertake further product development, expand internationally and create 15 new jobs.
BatFast is a global sports technology and entertainment business that has developed a patented augmented reality sports simulator for cricket, tennis and baseball. The simulator aims to make team sports more accessible by re-engineering pitches to fit inside urban entertainment or training spaces. The business also recently won ‘Best Technology in Sports Participation and Fitness’ at the Global Sports Technology Awards in London.
Founded by ex-professional cricketer Runish Gudhka and co-founder Jignesh Patel, BatFast has supplied simulators to multi-entertainment centre operators globally and major cricket events, including during the 2019 Cricket World Cup and the 2021-22 Ashes series in Australia.
Runish Gudhka, CEO of BatFast, said:
"BatFast has a clear mission to use technology to drive increased global participation in sports. We are grateful for the support from MEIF and Maven Capital Partners and are excited about the opportunities this investment will create."
Jonathan Lowe, Investment Director at MEIF Maven, said:
“BatFast have developed an incredibly engaging sports simulator which has broad appeal to experienced and new players alike. We look forward to supporting the company with its global expansion and help realise its future growth and success.”
Lewis Stringer, Senior Manager, UKN at the British Business Bank, said:
“The MEIF supports SMEs across the Midlands with their growth, and this funding for BatFast is the perfect example of how this investment can support new job creation in the region and help companies to expand internationally. We encourage other businesses in the area to consider MEIF funding for their growth plans.”
Will Morlidge, Interim Chief Executive at D2N2 LEP said:
“I’m delighted to see the Midlands Engine Investment Fund supporting another dynamic and ambitious business. BatFast is a great example of a firm innovating and adapting to accelerate growth and provide job opportunities, supporting our collective ambitions for inclusive economic growth across the region.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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