Huddersfield start-up receives investment
Technology start-up Veracitix has secured funding from Finance Yorkshire to support its development .
The firm, established by entrepreneurs Ian Pringle and David Grandinetti, is developing an online platform technology to help businesses from a variety of sectors turn ideas into reality. A prototype has been created and Veracitix will be working with development partners to get the service to market.
“The funding from Finance Yorkshire will help us get the company rolling," said director Ian Pringle.
"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."
The business is based at Huddersfield’s Media Centre.
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 visit www.finance-yorkshire.com or ring 0845 649 0000.