Grant for tech firm
RHA boosted by £500k from Scottish Loan Scheme
The funding will support the Glasgow firm’s growth through research and development and follows a year of new product launches.
RHA aims to transform the way people interact with sound, technology and each other. Its main market is audio technology, and more specifically, headphones.
CEO Andrew Reid, pictured, said: “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.”
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.
Finance Secretary Derek Mackay, pictured, 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.”