E-Spark firm receives funds
‘Visionary’ entrepreneur puts £2m into start-up
The founder of one of the world’s largest medical outsourcing firms, which he recently sold for $2 billion, is making a £2 million investment in a start-up he says will revolutionise traceability in the global food chain.
Dr Richard Steeves, who built FTSE 250 ourscourcer Synergy Health into a global medical hygiene business, is making the investment in Arc-net.
It is a specialist in food chain traceability and analytics which went through the Entrepreneurial Spark programme in Edinburgh.
Arc-net was founded by entrepreneur Kieran Kelly in 2014 and has offices in Belfast and Edinburgh.
Its cloud-based platform enables food producers and retailers to assure customers of the provenance and authenticity of their products using Blockchain and DNA technology. It already counts some of the world’s largest food producers amongst its clients.
Mr Kelly, CEO, said that the funding will enable the company to accelerate and support its rapid growth.
He said: “Dr Richard Steeves has an incredible track-record. He is a visionary in the truest sense of the word, and the fact that he shares our vision for Arc-net is a massive endorsement of our service, our strategy, and the potential of our company.”
A recent PWC report highlighted food fraud costs the industry in excess of $40 billion a year. arc-net addresses this issue by authenticating and tracking food from creation through to consumption leveraging the power of Blockchain’s security.
Dr Steeves, who was recently named the EY UK Entrepreneur of the Year, said Arc-net represents a fantastic investment opportunity.
He said: “I am very excited to be supporting Arc-net and their objective to revolutionise food supply chain security using their novel technology.”
Photo: Richard Steeves and Kieran Kelly