Electronic engineering company Zikodrive has announced plans to expand its operations and create up to 10 new jobs after securing an investment from NPIF - FW Capital.
The NPIF - FW Capital funding will allow the West Yorkshire-based company to continue with its long-term growth plans, investing in both manufacturing and the design side of the business. Not only will this help to create new job opportunities, but also safeguard four existing roles at the firm.
After spotting a gap in the market, university friends Graham Fick and Phil Bates began designing motor controllers at home and went on to establish Zikodrive in 2012. Specialising in the design, programming and manufacture of motor control electronics for brushed/brushless, sensorless and stepper motors at its dedicated facility in Calderdale, the award-winning company has since grown significantly, with Managing Director Phil Bates voted ‘Entrepreneur of the year’ at the Halifax Business Awards in 2018.
The investment was facilitated by FW Capital Investment Executive Andy Castle, following an introduction by Vicki Walker, of Resolute Commercial Finance Limited.
Andy Castle, Investment Executive, at FW Capital, said: “Zikodrive is a company that was built on entrepreneurship and innovation and we are delighted to support them on the next stage of their journey. The impact of this funding will go towards creating up to 10 new jobs and has brought investment to the local area, boosting the local economy. We are pleased to have played a role in that.”
Phil Bates, Zikodrive Managing Director, said: “Zikodrive is proud to be a West Yorkshire-based electronic engineering company that designs and manufactures new components in the UK to export around the world. We’ve continued to supply a lot of companies involved in the fight against the pandemic in the last 12 months and the funding secured will help us expand our operations in what is still a difficult economic situation. The funding from FW Capital has played an important role in this and we’re very grateful for their support.”
Vicki Walker, Resolute Commercial Finance’s Founder, said: “Zikodrive is driven by an ambitious and forward-looking team who are successfully capitalising on the growing market for motor controllers. It’s been a pleasure to work with them and to help them secure the funding needed to achieve their goals. I’m looking forward to following the company’s success.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
FW Capital provides loans of £100,000 to £750,000 to businesses based in the NPIF region with a focus on the North West, Cumbria and Tees Valley.
The Northern Powerhouse 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.