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Dragon gets ready to fly, after axiom-e secures funding

14/06/06

	axiom-e, the strategic financial management consultancy, is pleased to announce that it has secured funding of more than GBP210,000 for Dragonmobility Ltd, designer and manufacturer of advanced elevating powerchairs. Dragonmobility's specially customised units provide increased independence to users as they facilitate access to education, work and general socialisation.
	The money raised is a mixture of debt and equity and was obtained from private investors, Barclays Bank and Foundation East (formerly Suffolk Regeneration Trust). The level of funding is notoriously difficult to achieve as it comes in the middle of the "equity gap". axiom-e was instrumental in preparing the Business Plan and associated financial forecasts to support discussions with the backers whom axiom-e identified and then successfully negotiated the deals with. (Click to find out more about how axiom-e helps its clients.)
	Ken Dickson, Managing Director of axiom-e noted that "This is the latest early-stage client that axiom-e has secured funding for. We are particularly pleased to have been involved given the nature of Dragonmobility's products and the benefit that users derive from them."
	Dan Everard, the Managing Director of Dragonmobility Ltd, has been developing increasingly advanced powerchairs for the last 22 years. He commented: "Thanks to all of our backers, Dragonmobility is now much more able to expand to meet the growing demands from around the world for our products. We are grateful for the commitment each has shown to, and the confidence they have placed in, Dragonmobility."

Dan went on to note that "We have benefited significantly from axiom-e's involvement with us and have been impressed with their focus, skills and contacts, all of which were critical to our fund-raising."

Dean Tofts, Relationship Manager at Barclays Bank, was particularly happy that Barclays could help. Dean observed that "Dragonmobility's products are world-class and Barclays are pleased to support the company."

Foundation East was pleased to contribute given that Dragonmobility's ethos and product-focus is in line with their operating objectives. Valerie Jarrett said: "Dragonmobility provides a very worthwhile product and we look forward to supporting them further in the future as they develop."

axiom-e has been working with Dragonmobility since late 2005. Ken Dickson acts as part-time Finance Director. Dragonmobility thereby benefits from the high-level strategic and financial input that it needs at its current stage of development whilst not incurring the costs of a full-time Finance Director. (See www.axiom-e.co.uk for details of services.)

Dragonmobility benefited further from legal advice provided by Helen Drayton and Mary Kasanicki of Hewitsons and tax advice from Niki Dixon of Grant Thornton.

See the following related articles in the press:

• Wheelchair cash: Cambridge Evening News 16th June 2006
• Dragon gets ready to fly after axiom-e secures funding: Cambridge Network 15th June 2006
• Dragonmobility receives funding boost : MAINIndex 15th June 2006
• Wheelchair Dragon now fully mobile: Growing Business website 19th June 2006
• Dragon gets ready to fly after axiom-e secures funding: Connection 4th July 2006
• Dragonmobility powered for success with investment: Growing Business magazine July/August 2006

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