Winning large new contracts is the lifeblood of any company. However, as a manufacturer, often the biggest challenge is to fund these large orders as they place additional & unforeseen strain on cashflow. Leveraging our approved sales to release up to 90% of the value upfront gives us the certainty of funding we needed to manage the project financials smoothly…and stress free
FutureNova create Medical Grade Antimicrobial Cases for Apple devices for use in medical and clinical environments. They are revolutionising the way the medical industry works. The products are built in the UK and exported to 16 countries including the US and Gulf States.
FutureNova develops cases for Apple iPads and iPhones that allow clinical staff and surgeons introduce mobile IT into all areas of healthcare, including the demanding infection control environments of bedside care and operating theatres. These products can radically improve digital access to the healthcare industry.
The company’s goal is to be the primary supplier of medical grade cases for tablets and smartphones, and of medical grade digital input devices that communicate with tablets and smartphones. Indeed, the FutureNova iPad case has featured on major medical entertainment shows like Fox TV’s ‘The Resident’.
FutureNova generated sales collaboratively with Apple through the PathFinder program and at the time had won tenders with 9 US teaching hospitals and 1 UK Hospital to produce medical grade iPad and iPhone cases.
Sales are made directly to a US based Distributor – a company with a global presence in providing products to the medical industry through resellers, including Apple themselves.
The manufacturing is completed in a factory in Essex, with a UK supplier providing the medical grade plastic. Other specialist raw materials as well as costs associated with the manufacturing, staff, testing and the investment in the tools were required upfront to complete the order.
According to Damien Bruckard, deputy director of trade and investment at the International Chamber of Commerce in Paris: “The collapse and subsequent surge in consumer demand during the pandemic has led to significant shortages of manufacturing components, order backlogs, delivery delays and a spike in transportation costs and consumer prices.”
Securing a source of reliable funding at speed is now a critical consideration for manufacturers across Europe, as they rise to these challenges – particularly as the requirement to provide larger deposits and earlier supplier payments increases.
The solution that InvoiceFair put together was to leverage the sales order they had from a blue-chip debtor, Bluestar. This resulted in was an advance of 70% of the value of the sales order up front at the start of the project when it is needed most. This allowed FutureNova meet suppliers’ payment requirements and ensure that materials were delivered to complete production and complete the order.
This solution and certainty of funding allowed FutureNova to take advantage of the opportunity.
DEAL DETAILS
FUNDING GAP: 168 Days
PEAK FUNDING REQUIREMENT: €1M+
Interested in seeing what type of cashflow solutions we can provide for your business?
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