A Farnborough based business operating in the security market is the latest to gain funding from the Enterprise M3 Growth Fund. The £150,000 investment has been privately matched to complete the £300,000 funding round. TriCIS deals with secure IT equipment, TriCIS specialises in the assembly of TEMPEST equipment, which involves adapting standard communications and IT products to remove electromagnetic emissions, making them suitable for both military and other governmental use. The company also specialises in adapting equipment for extreme or ‘rugged’ environments e.g. military field operations. Having spent a number of years working for big multinationals operating in the sector, TriCIS’ founders, Antony Summerfield, Rob Cook and Tim Luxford, spotted an opportunity to launch their own business earlier this year. Capitalising on their extensive contacts and highly specialised skill set, the trio has already succeeded in winning a number of significant government contracts, which has been helped by a timely change to government commissioning processes. CEO, Antony Summerfield, explains: “the TEMPEST market is dominated by large corporates with overseas headquarters but recent changes to UK government procurement has led to an increase in the use of SME suppliers. Coupled with a move by the Ministry of Defence towards working with SME British businesses, this presented us with an opportunity to quickly establish ourselves as a preferred supplier in this niche market. As not only do we have one of the country’s few qualified TEMPEST engineers as a co-founder, but we are also the only wholly British company operating in the sector.” The £300,000 investment will be used to employ additional engineers to service the considerable contracts already secured and to facilitate further growth. Dr Mike Short, CBE, Chairman of Enterprise M3 Local Enterprise Partnership (LEP), comments: “Communication security is vital to the business environment we have today. So the need for start-ups like TriCIS, cannot be over-emphasised. The company has grown rapidly since it was established and we are pleased to offer support to drive their ambitious goals, generate employment and further economic growth in our LEP area.” Ralph Singleton, Fund Manager at The FSE Group which manages the Enterprise M3 Growth Fund on behalf of the LEP, adds: “it’s unusual for a new company to achieve this level of traction so quickly but such know-how in the field along with a proactive approach has prompted fantastic results in just a few months. The TriCIS team is looking to expand its TEMPEST and rugged offering into the secure server market as well as exploit further opportunities by offering its professional services for training and consultancy. The company is well positioned to take advantage of the prospects available and we look forward to working with the team to help them reach their goals.” 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.
The FSE Group, which manages a series of funds to support businesses during different stages of their growth, is now supporting Plantwork Systems with a £100,000 Enterprise M3 Expansion Loan, together with a further £100,000 South East Sustainability Loan (SESLF).
The SESLF provides funding to businesses operating in new and emerging ecologically driven market sectors or those contributing to a reduction in the region’s ecological footprint, either by delivering products or technologies that can help achieve this, or by delivering innovation in other business sectors that result in more resource efficient business practices. Trading since 2010, Plantwork Systems based in Alton, Hampshire has a current portfolio of five products that are able to work in synergy to cater for the various stages of wastewater treatment. With the constant regulatory demands for increased water quality, the Company has invested heavily in R&D which has enabled the Company to offer innovative and propriety solutions. Each of their products offers numerous advantages, whether that is a smaller footprint, ease of use, being more environmentally sustainable or cost efficient.
There are over 5,000 sewage treatment works serving populations of less than 200 in the UK and the majority of these are old and in need of replacement. The solutions offered by Plantwork Systems are an ideal fit for these locations.
John de Moraes, Executive Chairman at Plantwork Systems comments, “Our technology combines new wastewater treatment design with existing processes, to offer the industry an innovative solution to all wastewater treatment needs. The funding we have received from the FSE Group will have a two-fold impact on the company. It will allow us to research and develop new products and also significantly increase our employee numbers in order to meet demand.”
Derek Ellis, Fund Manager at the FSE Group which manages the Expansion Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), “John and the team at Plantwork Systems have an enormous amount of experience and are well positioned for significant growth. We are excited to be supporting them on this stage of their journey and look forward to seeing them build upon the foundations that have already been put in place.”
Dr Mike Short, CBE Chairman of Enterprise M3 Local Enterprise Partnership (LEP), comments: “It is interesting to see innovative technology being applied to a vital sector such as waste water treatment to help reduce environmental footprint and optimise cost. Plantwork Systems demonstrates that there is really no limit to how, or where innovation can apply and we are delighted that they have received the funding they need to break new grounds in scientific research and contribute to the economic growth of our LEP area.”
The Enterprise M3 Expansion Loan Scheme 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 equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities. For more information about Plantwork Systems please visit: www.plantworksystems.com
Farnborough based shipping technology company, Locus Software Limited, are the latest company to be supported through the Enterprise M3 Funding Escalator. The company have successfully secured a £150,000 Expansion Loan to help increase their resources to facilitate the next stage of their growth. Established 10 years ago Locus Software offers an Enterprise system that acts as a ‘one-stop-shop’ for ocean shipping companies. This pioneering approach to container tracking, operations management and document handling brings the somewhat outdated back-office processes of the shipping industry up to speed and onto the cloud. Locus’s Odyssey platform is already proven to the market, becoming popular thanks to its powerful integration with ecommerce capabilities and collaboration tools. Existing customers and strategic partners alike reap the benefits of working with a company where the management team have in-depth industry knowledge and proven technology business experience. Partnerships with influential members of the shipping sector, WNS and INTTRA, only strengthen Locus’s growing reputation, ensuring that Odyssey is the obvious software solution for the liner shipping industry. In order to keep up with growing demand Locus Software will be using the funding to expand the development team and enhance their working facilities. Thus allowing them to quickly and efficiently implement the system for new customers. John Squire, Founder & CEO at Locus Software comments, “Our Odyssey Platform is currently the only cloud based solution available in the ocean shipping sector. So many other sectors have made the transition to cloud based databases and management systems and now the shipping industry is ready to embrace this upgrade too. Odyssey can deliver fantastic features in a much more cost effective and speedy process than traditional software with the added bonus of not needing to maintain multiple versions and the disruption of major upgrades.” Derek Ellis, Fund Manager at the FSE Group, “The Odyssey platform is a complete game-changer in the shipping industry. It already has users in more than 40 countries across the world and the potential is there for rapid growth. These are really exciting times for the company and we wish John and his team all the success for the future.” Dr Mike Short, CBE Chairman of Enterprise M3 Local Enterprise Partnership (LEP), said: “This is a great timing for Locus Software and a testament to the recently released Science and Innovation Audit for the South of England, which demonstrates our regional economy’s strength in applying innovative technology to the Marine & Maritime sector. We are excited that the company has secured the loan they need to expand, drive efficiencies in the maritime sector and create more jobs for 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 Locus Software visit: www.locussoftware.com
A business specialising in software for customer contact centres is the latest company to receive investment from the Enterprise M3 Growth Fund. The Farnborough based venture has secured the funding as part of a £900,000 round which includes £195,000 angel monies facilitated by The FSE Investor Network, alongside institutional investors.
Sentiment’s offering focuses on providing large businesses with an effective platform to deal with the increasing amount of customer contact that is made via social networks and messaging apps. Within the next few years it is anticipated that social media and messaging apps will overtake phone and email as the primary method for customer service interactions. However, the majority of contact centres do not believe their technology is fit for purpose and are looking for better ways to manage these exchanges.
Leon Chaddock, Sentiment Founder, CEO and CTO, explains: “our software allows large enterprises to manage enquiries and complaints on social media outlets such as Facebook and Twitter, from within their contact centres – currently this is mostly done separately as it requires different skills and technology. By bringing these functions together, our clients benefit from significantly reduced spend in this area along with a facility to integrate their contact with other areas of the business and improve their customer relationships – a large retail clients has, with our software, become one of the fastest social media responders in the UK.”
With a platform offering a solution unmatched by its competitors, Sentiment has a strong and growing pipeline adding to its list of existing clients, which currently includes several top 20 retailers, a global online marketplace and a parcel delivery company. The funds raised will be used to scale up sales and marketing both within the UK and overseas, particularly the US where it is already growing traction.
Ralph Singleton, Fund Manager at The FSE Group which manages the Enterprise M3 Growth Fund, adds: “this is a sector experiencing huge growth that is set to continue; spending on social monitoring and management tools is expected to grow nearly tenfold in the 5 years between 2014 and 2019, which will see global spend reach around £18 billion in that time. With its superior product offering, growing blue chip client base and first mover advantage, Sentiment is well-positioned to take advantage of this upsurge and we are delighted to be supporting them on their journey.”
Dr Mike Short, CBE Chairman of Enterprise M3 Local Enterprise Partnership (LEP), comments: “We are excited that the growth ambitions of Sentiment can be supported by the Enterprise M3 Growth Fund. Our LEP area is a powerhouse for digital enabling technologies and we are always keen to support businesses like Sentiment that demonstrate strength in this important sector.”
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.
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.
A company determined on teaching children about emerging technologies through a fun and supportive club environment has successfully completed its latest funding round. The investment comes from Creative England, the Coast to Capital Growth Equity Fund, managed by the FSE Group and Emerge Education. MakerClub came to life in 2014 and was founded by Simon Riley, named in the 2015 top 100 most influential EdTech leaders.
The company offers weekly technology workshops and online learning to inspire and teach children how to use 3D printers and programme robotics. Starting them off with ice lolly sticks and taking them all the way through to professional 3D printed prototypes.
Simon Riley, Managing Director at MakerClub comments, “Here at MakerClub we feel that not enough emphasis is being put into teaching new and exciting technologies to young children. With the sudden rise of 3D printing this is a great opportunity to teach children about technology that could, in the not too distant future, be a regular part of everyday life. This investment will enable us to open more centres, encourage engagement and reach out to even more children.”
Mehjabeen Patrick, CFO, Creative England, “MakerClub is a great example of an innovative company with fantastic potential, they have a mission with social purpose and it has been inspiring to see how they have grown and developed their business. Simon and the team are passionate about what they do, and have the skills and expertise to take MakerClub to the next level."
Avent Bezuidenhoudt, Senior Fund Manager at The FSE Group, “The MakerClub brand is clearly recognisable and scalable with admirable objectives. The technological expertise of the team paired with their educational knowledge gives the company huge potential. We are delighted to add the company to our portfolio and look forward to watching them grow and prosper.”
Jan Matern, CEO of Emerge education, said “MakerClub is able to deliver high-quality instruction in digital skills consistently and at scale, which speaks of the team’s engineering, customer service and operations prowess. We are proud to be working with them to build a much needed institution for delivering these types of skills to the next generation.”
About MakerClub: MakerClub is an award-winning weekly invention and technology community for ages 8 to 13, we are based in Brighton but have centres all around the UK. Our sessions are project-based, hands-on and created by real technologists who believe that every child has the ability to become an inventor. For more information visit: www.makerclub.org
About Creative England: Creative England invests in and supports creative ideas, talent and businesses in film, TV, games and digital media. We aim to grow the brightest, the best, and those with the most promise so that individuals and businesses can achieve their full creative and commercial potential. We help identify future opportunities to grow the economy and generate jobs. www.creativeengland.co.uk
About The FSE Group: The Coast to Capital Growth Equity Fund is part of the Coast to Capital Funding Escalator, a £5million initiative funded by Coast to Capital Local Enterprise Partnership. The escalator, which also includes an expansion loan scheme, provides eligible companies with loans and equity funding between £50,000 and £500,000 for activities that will deliver high-growth and employment opportunities.
About Emerge Education: Emerge Education is Europe’s leading edtech accelerator. It provides exceptional edtech entrepreneurs with access to the capital, networks and expertise they need to prove their impact and scale globally so that billions of people can lead more fulfilling lives. Emerge Education provides up to £100k in funding for edtech startups and is based in Hoxton, London. For more information, please visit http://emerge.education/ or contact Jan Matern, CEO at jan@emerge.education