Software provider Unique IQ receives funding boost from Midven

Redditch software provider Unique IQ serves the health, social care and cleaning sectors has received a significant investment for expansion.

Unique IQ has received the money from venture capital firm Midven, which was recently appointed to manage the £35m equity portion of the Midlands Engine Investment Fund (MEIF).

The company, which was founded in 2003, will use the investment to further expand its Worcestershire team and advance its in-house development of its IQ: timecard and IQ: care planner products.

Managing director David Lynes said: “We’re delighted with the investment from Midven. This will provide us with opportunities to not only expand our team over the next three years but also focus on international growth, specifically targeting respected multi-national service providers to secure long-term contracts.”

Midven director Roger Wood said: “Unique IQ has grown significantly and consistently over the last three years.

“Faced with further growth opportunities, both in overseas markets and within its existing customer base through an imminent new product launch, the further investment in the company will enable it to build out their team and progress their technology development whilst maintaining its existing high levels of customer service.”