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Since its first Regional Growth Loan from Finance East in 2014, Cambridgeshire based Vetstream has continued to provide detailed online clinical information services to the veterinary sector, worldwide.In that time the company has extended both its product range and geographical reach and is now ready to invest in significant growth. A second Regional Growth Loan of £150,000 has been secured to aid this expansion.

Its core ‘Vetlexicon’ offering contains a range of species based modules providing vets across the globe with peer reviewed material, which is updated on a weekly basis. The information, which is available on a subscription basis, contains thousands of articles, images, videos etc. in numerous categories, to support vets in their clinical practice. Since 2014 the Vetlexicon suite has expanded from its original four modules – Canis (dog), Felis (cat), Equis (horse) and Lapis (rabbit) – to now include Exotis (covering a range of species from Guinea Pigs to “exotics”) and soon Bovis (cattle) will also be added.

Vetstream Managing Director, Dr Mark Johnston, says: “As well as developing new modules, we have concentrated heavily on increasing our traction in new markets. We have established a relationship with the World Small Veterinary Association (WSAVA) which has resulted in Vetlexicon now being available in all of their 82 country members, with licences currently secured in 21 countries. We have made good progress since our first loan from Finance East – there have been some challenges to overcome but we have learnt from them and are in a stronger position to step up our expansion and really take advantage of the global opportunities now open to us.”

The funds will be used to support the overall growth strategy. In terms of product this will initially focus on launching the Bovis module and extending the Exotis module then, over the next four years, see the development of Suis (pig), Ovis & Capris (sheep and goat) and Piscis (fish). This will be accompanied by an investment in marketing and the creation of new roles including an advertising sales manager and a business development manager. In addition to the core Vetlexicon product suite, further opportunities are being exploited in the provision of Vetacademy, an online CPD management system, and Practis, an online support tool for practice managers as well capitalising on advertising revenue potential.

Stuart Ager, Senior Fund Manager at Finance East, adds: “The Vetstream team has developed a clear product development and enhancement strategy, supported by new personnel and marketing investment, designed to achieve considerable growth across the business. The global animal health market is on the increase, having gone from $13billion to $15billion since our last loan. Vetstream has established itself as a leading provider of quality information and, with no obvious competition in the sector, is well-positioned to build on its early success.”

The Regional Growth Loan Scheme (RGLS) is managed by Finance East, part of The FSE Group, on behalf of Local Enterprise Partnerships in the East of England and British Business Bank. The RGLS is available to established, incorporated businesses based within the East of England that have a minimum annual turnover of £100k, show strong growth potential and have a medium to long-term funding requirement to deliver that growth.

A Hampshire company is set for growth with the help from a £90,000 loan from the Enterprise M3 Expansion Loan Scheme. Based in Bentley, near Alton, ATP Projects provides bespoke manufacturing, branding, laser marking and technical support services, helping companies across the country to stand-out from the crowd.

The company was founded in 2013 by Managing Director Andrew Pennington, who has extensive experience in the engineering and audio-visual sectors. As well as providing customised services the company also offers a wide range of standard manufactured products geared towards the theatre and entertainment sector.

Andrew Pennington commented, “We are a small but growing firm focused at giving a personal service to our customers. Everything we produce is carried out in-house and we pride ourselves on the quality of our work. This funding will allow us to expand our team with the recruitment of a new manufacturing technician and also help us with the development and roll-out of our new eCommerce platform. The platform will include a custom panel builder, allowing clients to design their own panel work on-line, which will enable us to reach businesses of all sizes.”

James Edwards, Senior Fund Manager at the FSE Group, “Andrew has a great deal of experience in the engineering sector and in a short space of time has developed an impressive list of clients across the entertainment and sporting industries. We are looking forward to working with the team at ATP Projects whilst they achieve their full potential for growth.”

Dr Mike Short, CBE Chairman of Enterprise M3 Local Enterprise Partnership (LEP), said: “We are pleased to see ATP Projects benefit from our Expansion Loan Scheme. The investment will help them overcome the financial barriers to expansion, create new jobs and thrive. Small and medium scale businesses contribute significantly to our regional economy, so a key priority in our Strategic Economic Plan, is to support this important sector by delivering the infrastructure that enables businesses to innovate, improve productivity and drive sustainable economic growth in our LEP area.”

The Enterprise M3 Funding Escalator is a £5.5m initiative funded by Enterprise M3 Local Enterprise Partnership. It includes a growth equity fund and provides eligible companies with loans and equity funding of £50,000 to £200,000 for activities delivering high-growth and employment opportunities. For more information about ATP Projects visit: www.atpprojects.co.uk

SME Web Accountants Ltd (SWA), led by Sean Hackemann, advised the Management Team of Ignite Data Limited (Ignite) on its development capital fundraising with debt funding provided by the Thames Valley Berkshire Expansion Loan Scheme.

The funds will be used to accelerate Ignite’s growth strategy and for working capital purposes. SWA provided financial modelling and advisory services to the Management Team. Based in Reading, Ignite Data designs and delivers smarter research solutions in the real-world using electronic healthcare records (EHR) and outcomes data. Ignite’s technology enhanced solutions allow its pharma and clinical research organisation (CRO) clients to Find Sites for research and clinical trials, Recruit Patients for their research and Manage EHR Data.

Dan Hydes, Managing Director, Ignite, commented: “Within very tight timeframes Sean worked with us to develop a robust integrated financial model that was central to us raising with funds with FSE Group.”

Cheryl Weeks, Fund Manager at The FSE Group, which manages the TVB Expansion Loan Scheme on behalf of Thames Valley Berkshire Local Enterprise Partnership (LEP), comments: “To date Ignite Data has built up an impressive list of clients, which include a wide range of leading pharmaceutical and NHS organisations. We were instantly impressed with the technology behind Ignite and are delighted to be supporting Dan and his team in the next stage of their growth. We wish them all the success for the future.”

Sean Hackemann, Director, SWA, commented: “We are delighted to have assisted the Management Team in raising development capital to accelerate Ignite’s growth and facilitate this cutting-edge business to further carve out a niche in the pharma and research sector. This transaction is a great example of how our growth services help ambitious SMEs obtain development capital in a really challenging funding space.”

A Staines based provider of mobile employee engagement solutions is the latest company to receive investment from the Enterprise M3 Growth Fund. The £175,000 investment is part of a £750k round, which also includes £455,000 from business angels, facilitated by the FSE Investor Network, and existing investors.

A second close will shortly see an additional institutional investor provide a further £0.25m, bringing the total investment to £1m. FSE has achieved leverage of over 5 times its investment, which will help accelerate the company’s growth ambitions.

StaffConnect is carving a niche in the underdeveloped space of employee engagement, specifically targeting sectors and environments where a significant proportion of staff are non-desk based and do not feel an attachment to the company. Its platform provides employees with an app for their smartphones, meaning they can connect with their colleagues and employers without having to give personal phone numbers and email addresses, whilst providing employers with a sophisticated interface which can be used to manage and measure a wide range of functions to support employee engagement.

Founder and CEO, Bulent Osman, outlines the problem: “disengaged staff can be a huge barrier to success with research suggesting that, in the US alone, the cost to business is around $500 billion; an effective internal communications strategy that instils company values and cultivates a sense of loyalty and belonging, can deliver almost 50% higher returns across a business. Our solution gives an employer the opportunity to add this value across their entire organisation, especially where workers are remote or non-desk based and most likely to continue feeling disconnected.”

With the rise of social media, this disengagement is even more damaging to businesses than it has been in the past, as disgruntled employees frequently take to these – sometimes public – platforms to express negative feelings and experiences.

StaffConnect addresses this, along with other elements to promote and improve employee engagement, through its range of pre-built and bespoke modules that include among others, news, messaging, events, social and surveys. Already in use by a number of blue-chip clients including Vodafone, Yeo Valley and YMCA, this is a well-developed product that is ready for further roll-out. This latest round of investment will be used to grow the sales team and customer support function, aiding expansion across additional territories.

Ralph Singleton, Fund Manager at The FSE Group, which manages the Enterprise M3 Growth Fund on behalf of Enterprise M3 Local Enterprise Partnership (LEP), adds: “StaffConnect has created a leading-edge solution with a technical capability beyond that of the competition and for such a young company to have already secured global, high-profile clients, with many more in the pipeline, is both unusual and impressive. We look forward to working with the team to capitalise on the growing traction they are experiencing and fulfil their potential in this rapidly expanding market.”

Geoff French, CBE, Chair of Enterprise M3 LEP comments: “We are really pleased to see that Enterprise M3 Growth Fund is helping another ambitious company to expand and maximise productivity. The £900,000 we have invested into local businesses so far from the £5.5m pot, has leveraged a further £4.1m in additional funding from private and institutional investors, thus generating a total of £5m for businesses to grow and create more jobs in our area.”

The Enterprise M3 Growth Fund is part of the Enterprise M3 Funding Escalator, a £5.5million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which also includes an expansion loan scheme, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.

When it comes to finding funding, small businesses should consider how well their finance partner knows their unique needs, rather than going for the quickest route The funding landscape affecting small and medium-sized businesses has undergone some interesting shifts recently. While banks have become more conservative with their lending, there's also been an upsurge in alternative finance options such as peer-to-peer lending and crowdfunding platforms. But are small businesses taking full advantage of all the options available to them? Armed with a proposition, the majority of small businesses opt to go to the banks first in the hope of securing funding. According to the British Business Bank’s 2015/2016 report, over half of UK smaller businesses immediately go to their main bank when they first identify a financing need rather than shopping around for finance. Unfortunately, success is by no means guaranteed – especially since banks have adjusted their risk appetite over the last few years. But with so many other funding options available now, rejection from a bank doesn’t need to spell the end of the road anymore. That being said, many businesses seem to be hesitant to spend more time assessing the financial options on the table. As well as a reluctance by banks to fund small businesses, there’s also been a sharp change in the day-to-day relationship between banks and their clients. With continuing pressure to reduce costs – which often means staff reductions – many banks communicate with small businesses via their business support teams over the phone or through a live chat online. The rise in digital communications has changed the relationship between businesses and banks, and the intimate relationship that used to exist is now sadly rare. Turned away by their bank, many businesses feel they have no choice but to apply for online loans. And while this approach may work out for some, there are other routes. The problem is that these options are often overshadowed by flashy ads telling people to “apply in minutes” that promise quick decisions. But what chance does the business owner or management team have to really set out their plans or demonstrate their understanding of the opportunities – or the threats? The decision on both sides is simply driven by numbers and data. However, the numbers can look worse if a business is starting up or on the cusp of growth. That's why establishing a relationship between a business and its finance partner is important. Getting the full story requires a conversation and open communication. It’s vitally important that a business trusts its source of finance, and the only way that level of trust can be built up is via a strong relationship. Generic or one-size-fits-all solutions just won't work here because no two businesses are the same. So as small businesses shop around for funding, they should look beyond how much money the other party is willing to put on the table. The good news is that there are many new funders looking to step forward to fill the gap left by banks. It's now up to small businesses to cast the net wider and also to weigh up what a funding partner is offering against what their business really needs. Many businesses opt for the quickest and simplest route, and this is where they can become frustrated. The cheapest deal may come through a simple application process online, but without taking some time to look at other options you might miss out on the best deal. Some funding sources, such as bank loans or crowdfunding platforms, are very visible. But there are others worth exploring that perhaps receive less attention. Government lending schemes in collaboration with local enterprise partnerships or wider schemes funded by the British Business Bank are often tailored to the business' stage of development and can adapt as the business grows and prospers. Crucially, the relationship aspect plays a key role throughout the process. Both parties identify future opportunities or potential risks and work through challenging times together. Support builds trust, which in turn strengthens the relationship. So while data and technology may have encroached on some relationships, they’re still going strong if you know where to look.