Investment for tech firm
Maven backs data firm Traceall Global
The business specialises in the tracking, traceability and monitoring of equipment and assets predominantly within the food and drinks ector.
SLF will issue a £1.5m loan to the business to provide it with working capital to fulfil new contracts as part of its expansion. The injection of capital will allow Traceall to add to its existing business development and technical teams, creating capacity for the business to take on larger projects.
Maven clients have also made a small equity investment in the Glasgow-based business for £500,000 and will work closely with Traceall’s senior management team in raising the awareness of the brand and helping it through its next phase of growth.
Julie Glenny, Investment Director at Maven, said: “Maven is delighted to offer its support both through its own client funds and the SLF to this dynamic and exciting business. The management team has worked extremely hard to establish key relationships with global players in the food and beverage sector which will ensure they are well placed to deliver impressive growth and we look forward to working with the team to help them meet and exceed their plans for the future.”
Alan Steele, Managing Director at Traceall, added: “This investment comes at an exciting time for our business. The internet of things, the escalation of sensor technologies, increasingly complex global supply chains and the proliferation of big data have all opened up new markets and opportunities for Traceall Global and our suite of products and software solutions.
“We are able to fill a need that was otherwise not technologically possible, and with that we are delivering significant financial, environmental and operational benefits to our vast client base. This major investment from Maven combined with their outstanding advisory team propels Traceall into their next critical phase of growth.”
Financial due diligence was conducted by Dempster Solutions, management referencing by Argyll Fenton, legals by Brodies and Morisons, and insurance by Lockton.