Member Article

Local firm goes global with VC help

A venture capital fund managed by one of the North East’s leading enterprise agencies Entrust is backing a leading high-tech company for the second time. North Tyneside-based TrackaPhone Ltd, an independent location-based service provider, has successfully secured a second-round equity investment of £100,000 from the North East Equity Matching Fund (NEEMF). A private investor has also provided £100,000. Created through the Department of Trade and Industry’s Small Business Service, the NEEMF is a £2.5 million co-investment fund managed by Entrust, to increase private investment activity in the North East.

Established in 2002, TrackaPhone has developed technology to locate mobile phones or electronic devices anywhere in the world. TrackaPhone’s software combines various mapping, satellite and mobile network technologies including GPRS, GPS, and WiFi. Its main application is the ‘People Locator’ service, which assists in the safety of lone workers who may be vulnerable at isolated places of work.

Entrust’s Roy Parsonage, NEEMF Interim Fund Manager, said: “It is important that growing SMEs in the region, that have already received financial backing through NEEMF, are aware that further funding is available. “Awarding second-round funding to TrackaPhone was a very painless decision to make. “It has been developed here in the North East and we are delighted to be able to support the company’s growth plans and ensure that we keep the company and the knowledge here in the region.”

TrackaPhone Chairman Phil Derry explained: “Since our initial approach to Entrust we have grown considerably. We now have a solid and expanding blue chip international client base. The new funds will allow us to expand our technical capacity to support a growing order book as well as reinforce our sales effort with additional support and engineering staff.”

For more information on TrackaPhone visit www.trackaphone.com.

This was posted in Bdaily's Members' News section by Ruth Mitchell .