Traceall secures funding from Maven and the Scottish Loan Fund
Maven and the Scottish Loan Fund (SLF) have invested £2 million in the data management solutions provider Traceall Global. The business specialises in the tracking, traceability and monitoring of equipment and assets predominantly within the food and beverage sector.
The transaction will see the SLF issue a £1.5 million loan to the business to provide it with the working capital headroom it requires 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 £0.5 million 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.
Traceall has developed a range of remote sensor monitoring systems and unique asset verification products for the global food and beverage industry. Its sophisticated Supplier and Product Information Management software system allows Traceall’s clients to manage and control complex global supply chains. Behind this system is a suite of software solutions and cutting edge technology that can trace, track and monitor real time data on variables such as location, temperature, product quality and equipment performance from across the globe.
Recent high-profile quality, authenticity and mis-labelling issues within the food and beverage industry has only further illustrated the importance to brands and retailers of ensuring that they have transparent traceability solutions ingrained within their operations. The global food traceability market, growing 8.9% annually, is expected to reach $11 billion by 2016.
Traceall’s technology is both tried and tested, and the benefits of its intelligent data and traceability solutions are already evident. Its technology is currently being utilised by a number of clients, including Coca Cola Enterprises, Jamie Oliver Group and BT Global Services.
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.”