UK-based aquaculture research firm Pontus Research has secured £80,000 ($103,282) from the £135 million Investment Fund Wales (IFW), managed by the British Business Bank, to ensure further expansion, Business Live reported.
This funding, facilitated by BCRS Business Loans, will help Pontus expand its R&D capabilities and secure jobs as it celebrates its 10th anniversary.
Founded by CEO Jack James, Pontus provides research and development services for aquaculture companies globally, specializing in feed and feed ingredient innovation across varied aquatic environments. With ongoing challenges from the COVID-19 pandemic impacting cash flow, the firm faced uncertainty in reaching its growth milestones.
"During this past year, pieces have been slowly fitting into place, but cashflow has remained an issue for us. Put simply, a few months back, I wasn't able to see a near future where the company was healthy enough to genuinely celebrate our 10-year milestone," James said.
The IFW loan will enable Pontus to continue scaling operations, expand its customer base, and advance research capabilities.
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