Harrogate-based Neoss, a business that develops and manufactures dental implants, will use the funding to help continue growing its sales in the UK, Europe and the US. Established just 11 years ago, Neoss forecasts a turnover in excess of £15m by the end of the current financial year.
Neoss has pioneered a range of dental implants that accelerate bone formation and integration. Their patented system uses titanium fixtures and is placed directly into the jawbone to support crowns, bridges or dentures. The Neoss system has less than 300 components compared with 2,000 components used in competitor implant systems.
The company's customers include dental laboratories, universities and dental practices. Neoss exports 95% of its products and has 108 employees. It has subsidiary companies in Australia, Austria, Germany, Italy, Sweden, New Zealand and the United States.
Guy Leaver, Neoss CFO, said: "We continue to expand our presence in Europe, Australasia and the US, and we see further growth potential in these areas as the benefits and awareness of our products increase. It is essential for the business to have sufficient working capital in place to meet its expansion plans and this facility provides us with that cover."
Paul Dawson from NatWest and Andrew Bissett from RBS Invoice Finance provided the funding to Neoss.
Paul, a Senior Relationship Manager at NatWest, said:"Neoss is a great example of a successful UK business which manufactures and exports a quality, niche product. Its founders have a wealth of experience and have built a strong international client base. We are very happy to support them."