Veracitix
Seedcorn Fund Case Study
The Company
Veracitix, based on Northumberland Street in Huddersfield, is the brainchild of serial entrepreneurs Ian Pringle and David Grandinetti.
The company is developing a new online platform technology to help businesses from a variety of sectors turn their ideas into a reality. Initially targeting sales and marketing professionals, the technology will be used on PCs, laptops, tablets and smart phones.
Veracitix officially began trading on 1 October 2011.
The Challenge
A prototype has been created and Veracitix will be working with key development partners to get the service to market. To support the development of the company, Veracitix needed to begin the recruitment of a senior management team.
The Solution
Finance Yorkshire has provided a seedcorn investment in Veracitix.
Ian Pringle, director of Veracitix, said: “The funding from Finance Yorkshire will help us get the company rolling. It will enable us to recruit key people such as a chairman, business development director and chief operating officer, before we pursue another round of funding into the company.”
The Investment Rationale
Graham Davies, Investment Manager from Finance Yorkshire, added: “Both Ian and David have a successful history in technology innovation and have established a number of start-up companies in this sector. They know the process involved in creating a successful fledgling company and we are pleased to support their development with this finance deal.
“As they are a new start-up with a high growth potential, Veracitix fitted the exact profile we are looking to invest in from Finance Yorkshire’s Seedcorn Fund. We see this being the start of big things for the business.”
Future Expectations
Ian added: “We are a very early stage business and we are currently working on getting the prototype into a position where we can take it to market. We are aiming for this to be the middle of 2012, so the support from Finance Yorkshire has come at a crucial stage.”
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire