Finance support helping turn business ideas into reality
A new enterprise which supports creative decision making has received crucial financial support to help get the company get off the ground.
Veracitix, based at The Media Centre 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.
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 Finance Yorkshire has provided a seedcorn investment. Veracitix, which officially began trading on October 1, will use the funding to support the recruitment of a senior management team.
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.
“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.
“Veracitix offers a unique approach in providing a set of tools to support creative decision-making, bringing ideas together in a way which will save businesses time, effort and therefore money.”
Graham Davies, investment manager from Finance Yorkshire, said: “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.”
Helping a range of small and medium sized businesses to meet their funding requirements for growth and development, Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or ring 0845 649 0000
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire