Published: Jun 27, 2024
Focus:
Growth Capital
The Maven VCTs have completed an investment in Alderley Lighthouse Labs, a human diagnostics business which provides comprehensive laboratory testing services to improve healthcare outcomes.
Alderley was founded in 2022 by Mark Wigglesworth and Simon Chapman, who had previously established the emergency ‘Lighthouse’ capability at Alderley Park during the COVID 19 pandemic. It grew to ‘super-lab’ status, accommodated over 800 staff members, processing 80,000 tests daily.
With an initial focus on blood science and molecular diagnostics, Alderley’s service offering has grown quickly. Maven first backed the business in July 2023 through a funding round led by NPIF Maven Equity Finance. Since then, Alderley has performed strongly, expanding its customer base and significantly increasing annual revenues.
The investment from the Maven VCTs will provide additional capital for the business as it scales. This will enable Alderley to increase capacity to capitalise on its strong pipeline of opportunities both in the public and private sector, as well as facilitate the development of more specialised, high value screening and testing areas.
Alderley operates in the large and growing diagnostics market. The market is estimated at over £3 billion and is growing at a compound annual growth rate of 7.59% (Source: Mordor Intelligence), driven by increased NHS outsourcing in lab diagnostics.
“We are delighted to reaffirm our commitment to Alderley following the delivery of key commercial milestones. Since our initial investment through the Northern Powerhouse Investment Fund the business has significantly grown its revenues through new customer acquisition and increased volumes with existing clients. This new investment from the Maven VCTs will enable Alderley to continue its impressive growth trajectory and expand its footprint in the attractive healthcare diagnostic services market.”
Gavin Bell, Investment Director at Maven
“This new investment starts a very exciting next stage for us, the portfolio is continuing to grow, we are in the process of transitioning to a new facility, and we have very clear strategic opportunities to diversify into new areas. This funding will enable us to achieve all of this, establishing the business in the Greater Manchester area and readying the organisation to provide diagnostic support to whoever should need it.”
Mark Wigglesworth, CEO at Alderley Lighthouse Labs
