• RHA Technologies Ltd. (RHA) will be among the recipients of the Scottish Loan Scheme
• The Scottish Loan Scheme is part of the Scottish Growth Scheme, which is a £500 million finance package backed by the Scottish Government to support high-growth businesses in Scotland
• The funding comes after a stellar year for RHA and will support the company’s research and development in the lead up to a raft of new product launches
Independent technology company RHA Technologies Ltd. is delighted to announce that it is the recipient of funding from Scottish Enterprise – Scotland’s national economic agency – and its investment arm the Scottish Investment Bank, under the new Scottish Loan Scheme. The scheme, which grants successful businesses sums between £250,000 and £2 million, will support RHA’s growth through research and development. This news follows a year of success including the launch of best-selling TrueConnect wireless headphones.
Investment for innovation
“Our main market at the moment is audio technology, and more specifically, headphones. Our TrueConnect wireless earbuds were launched globally in October 2018 and have been incredibly successful, establishing RHA as a frontrunner in audio and wearable technology. This, along with a strong schedule of new products for 2019 puts us in a fantastic position for the future. The Scottish Loan Scheme will provide a significant boost to our R&D centre in Scotland, supporting research and development as well as expanding the team.”
“The fantastic continuing support we receive from Scottish Enterprise is part of a broader financial growth strategy going into 2019, including an ongoing funding partnership with Santander Corporate Banking in Glasgow.” said Andrew Reid, CEO of RHA Technologies.
Finance Secretary Derek Mackay said: “I am pleased that through funding from the Scottish Government’s Scottish Growth Scheme, RHA is being supported with a £500k loan from Scottish Enterprise. This funding will allow the company to support its ambitions by expanding its research and development programme, supporting valuable increased innovation and creating additional quality jobs in what is fast becoming a growing sector for Scotland.”
Kerry Sharp, Director of the Scottish Investment Bank, said: “We’re very happy that Glasgow-based RHA, an innovator of cutting-edge audio technology, has been able to access loan funding from the Scottish Loan Scheme, delivered by the Scottish Investment Bank. The funding will provide key working capital investment, helping the company accelerate its growth through continued innovation and development of its product range. RHA is a market leader in the sector and we’re delighted to be part of its journey as it scales and grows its operations from its headquarters in Glasgow.”
RHA is an independent technology company based in Glasgow, UK. Our mission is to transform the way people interact with sound, technology and each other. A commitment to style and substance has seen RHA honoured with many awards since the company was founded in 2011.
In 2018, RHA introduced the CL2 Planar - the world’s first planar-magnetic in-ear headphone - and the award-winning TrueConnect true wireless earbud, to widespread acclaim. Past honours for RHA include being named an CES 2017 Best of Innovation Honouree, 10 of 100 on the Sunday Times Lloyds SME Export Track 100 list, 54 of the 100 fastest-growing private companies on the Sunday Times Virgin Fast Track 100. In 2017 CEO Andrew Reid was honoured by Ernst & Young with the Disruptor Entrepreneur Award for Scotland.
About the Scottish Loan Scheme:
The Scottish Loan Scheme provides loan funding of £250k - £2m (and up to £5m in exceptional circumstances) to growth focused Scottish companies. The Scottish Government has made funding available to Scottish Enterprise through the Scottish Growth Scheme to provide loans through the Scottish Loan Scheme.
For details on lending criteria and loan features visit Scottish Loan Scheme
About the Scottish Investment Bank:
The Scottish Investment Bank (SIB) is the investment arm of Scotland’s national economic development agency, Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. SIB’s activities support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to growth capital. It manages a suite of co- investment funds including the Scottish Co-investment Fund and the Scottish Venture Fund, and the Energy Investment Fund on behalf of the Scottish Government. SIB is also an investor in Epidarex Capital’s Life Sciences Fund and is a participant in the Scottish-European Growth Co-Investment Programme with funding secured from Scottish Government’s Scottish Growth Scheme alongside the European Investment Fund. SIB also provides funding into LendingCrowd, Scotland’s marketplace lender providing loans to SMEs and Maven's UK Regional Buy Out Fund (MBO) that offers financial support for management buyouts (MBOs) and helping existing management teams acquire their business from its owners and continue to flourish.
SIB’s team of Financial Readiness specialists help companies to prepare for new investment and access appropriate finance. SIB’s activities support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to growth capital.