Retail247 secures £500,000 investment from Midlands Engine Investment Fund to meet increased demand
Retail technology consultancy and software developer, Retail247, 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.
The firm has developed a suite of proprietary cloud-based solutions for its customers, who include Reiss, Crew Clothing, AllSaints, and LK Bennett.
The funding will be used to expand its tech team and enable further product development to meet increased demand.
Martin Schofield, Retail247 CEO and Co-Founder, says: “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, comments: “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.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank, says: “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, says: “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.
2022 RTIH Innovation Awards
Retail247 emerged victorious at the 2022 RTIH Innovation Awards in December, picking up the RTIH Editor’s Choice gong for the launch of its stock solution Quantum.
Our 2022 winners were revealed at a sold out event in central London on Tuesday, 6th December.
RTIH Editor, Scott Thompson, said: “Innovation and technology play a critical role in the success of the retail sector, so it is great to recognise standout examples through our awards.”
“Thanks to all those who entered the 2022 event. We received a record number of submissions and many fantastic examples of the continued resilience and dynamism of the retail space during hugely challenging times.”
“Congratulations to our 2022 retail technology hall of fame entrants.”
The 2023 RTIH Innovation Awards are now open for entries. Click here for further information.
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