A specialist technology consultancy and software developer has secured a £500,000 investment from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.
With a focus on technology and process transformation in the retail sector, Retail247 has developed a suite of proprietary cloud-based solutions for its retail customers, who include Reiss, Crew Clothing, AllSaints, and LK Bennett. The funding will be used to expand its skilled tech team and enable further product development to meet increased demand.
Designed in-house and from the ground up, Retail247’s ORIGIN and QUANTUM product information and stock transaction management platforms provide a scalable and configurable end-to-end solution that meets the needs of multi-channel retailers.
Martin Schofield, Retail247 CEO and Co-Founder, said: “As ORIGIN and QUANTUM are successfully rolled out to more retailers, we are seeing a significant uptick in interest for our innovative solutions and funding is needed to support ongoing development activity and recruit new staff to grow the business.
“To date, we have self-invested in the development of our technology. We have been successful not only with the development, but also in achieving market entry. Now we need to scale, and we are delighted that FSE is able to provide the MEIF loan to support this stage of our growth.”
Ryan Cartwright, Investment Manager at The FSE Group, added: “The team’s extensive retail sector experience has helped them develop a customer focused platform that has already established strong market penetration with some well-known brands on board. Their ability to develop and launch these well-received products and generate early revenues without significant investment is testament to the quality of the team and we look forward to working with them as they continue to grow the business.”
The UK retail market in 2022 was worth almost £450billion with 1.5-2% of this typically spent on technology. By 2030 this is expected to rise to 3-3.5% and Retail247 is looking to tap into this growing market with its high-performing architecture, upon which it is now building transactional intelligence, which will provide customers with a best-in-class order management system by the end of this year.
Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “The MEIF supports ambitious Midlands-based businesses looking to expand and grow. This investment in Retail247 will support the expansion of its skilled tech team, creating new high value job roles in the Midlands region, as well as supporting the company’s investment into new products to meet growing demand.”
Professor Neal Juster, Chair of the Greater Lincolnshire Local Enterprise Partnership, said: “We’re very pleased to see that Retail247 has secured this funding which will allow them to scale up, grow their team and develop more innovative cloud-based products.
“Greater Lincolnshire is developing a reputation for high-tech innovation, and Retail247 is at the forefront of that exciting development.
“We’d like to wish the company luck and we look forward to seeing the results of this significant investment.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2022 and the European Investment Bank. The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5 million to support growing SMEs across the region. For more information visit: www.thefsegroup.com/fund/midlands-engine-investment-fund-debt-finance.