Business Loans Case Study
Founders Terry and Rachel Lightfoot launched TouchRight Software after running an inventory services business.
The couple found traditional paper reports to be inflexible and time-consuming while TouchRight instantly generates professional reports from a laptop, PC or mobile device.
Terry said: "It takes time to produce high quality, detailed reports for landlords. They are often still transcribed by hand and can end up sat on desks for days while agents go about their busy jobs.
"We thought there was a better way than the traditional pen, paper and camera method. Our software and app not only saves paper but gives people the power to send fully customised reports to landlords on the same day as the inspection."
The company has more than 1,000 users including letting agents, property services providers, councils, universities and contract cleaners.
To grow its customer base, TouchRight Software needed funding for additional software development and targeted marketing to industry sectors.
Finance Yorkshire involvement
A £50,000 Business Loan from Finance Yorkshire – the first from its Extension Fund – is
supporting the company in the development of its software and marketing activity. The investment will also enable TouchRight Software to employ at least two people including an in-house developer.
The Investment Rationale
Ian Atkinson, investment manager at Finance Yorkshire, said: "Terry and Rachel are passionate about bringing the latest technology to the property world. They have built this business from scratch and already have some impressive names as clients.
"Now they need to take their software to the next level, which is exactly what our investment will help them to do."
Finance Yorkshire’s Extension Fund is backed by £5 million from Leeds City Region Enterprise Partnership (LEP) and Sheffield City Region LEP.
Roger Marsh OBE, Chair of the LEP, said: "The investment in TouchRight Software to develop innovative products is a clear example of how such finance can make a difference by creating jobs and laying the foundations for further expansion."