A Farnborough business that specialises in providing cloud-based solutions for the shipping industry has secured a £250,000 growth loan from the Enterprise M3 Funding Escalator.
The loan will enable Locus Software to create 10 new positions focussing on the delivery of customer requirements and the continued development of its software package for small to medium cargo shipping lines.
The software is built on and uses a unique technology platform called Odyssey Connect. The platform uses an Enterprise Resource Planning (ERP) process which supports, manages and integrates the most important parts of a marine business in one place.
For ocean carriers, the software brings together essential and complex workflows such as quotations, service contracts, bookings, equipment management, tariff management, capacity management and cost contribution to minimise the cost of using multiple systems and deliver significant business value. This guarantees that carriers, their agents, and their end-customers will all have access to the same commercial, operational and cost information via one platform.
John Squire, Founder and CEO of Locus Software, commented: “Locus’s Odyssey platform is currently the only cloud-based solution available which is specifically designed with the unique functionality required by shipping lines. This funding has come at a crucial time as we have taken on more customers and are expanding rapidly. As a business we pride ourselves on first class customer service and to do this we needed to strengthen our team of developers. The investment has allowed us to do this and our thanks to The FSE group for helping us to secure the finance from EM3.”
Simon Blackbourn, Investment Manager for The FSE Group, which manages the EM3 Funding Escalator on behalf of Enterprise M3 Local Enterprise Partnership (LEP), added: “Locus software is the only robust cloud solution specifically targeted at the shipping liner industry and is already proven to the market. The business has a collaboration with INTTRA, a shipping industry booking hub originally owned by 15 of the biggest carriers which accounts for more than 30% of all global shipments. There is an extensive market opportunity for Locus to tap into and we look forward to seeing the business expand and reach out to more shipping companies.”
The Enterprise M3 Funding Escalator I & II is a combined £15million initiative funded by Enterprise M3 LEP. The escalator, consists of an expansion loan scheme, a short-term loan scheme and an equity growth fund, which provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.
For more information about the Enterprise M3 Expansion Loan Scheme please visit:https://www.thefsegroup.com/fund/enterprise-m3-funding-escalator/ or contact Simon Blackbourn at simon.blackbourn@thefsegroup.com tel: 01276 608515/07436 189762
For more information about Locus Software, visit: https://www.locussoftware.com/