Route Monkey's growth accelerates following 2nd funding round
A North East business whose software helps van and truck fleets lower their road miles is accelerating its progress after securing a £500,000 investment round.
Gateshead-based Route Monkey has received £450,000 from the Finance for Business North East Technology Fund and £50,000 from the Northern IT Research Fund, both managed by IP Group plc.
The investment will allow the innovative provider of road transport routing and scheduling software to consolidate its position within the electric vehicle sector and further develop its product range for conventional vehicles, to grow market share. It will also be used to secure new premises in Gateshead and to grow the workforce by around 20%.
Route Monkey has enjoyed significant success having recently been made a partner in the Department for Transport’s Plugged-In Fleets Initiative (PIFI), launched with the Energy Savings Trust and EDF Energy to help major organisations integrate more electric vehicles into their fleets.
This is the second time the company has secured funding from IP Group plc, which invested £500,000 from the Finance for Business North East Technology Fund in September 2011 to enable the business to focus on becoming a niche software provider for the electric vehicle market and to enable it to create strategic partnerships.
Colin Ferguson, CEO of Route Monkey, said: “We set ambitious targets for growth after securing the funding in 2011, which we have now exceeded. This second tranche of investment, which we are extremely grateful to IP Group for, will allow us to accelerate our expansion strategy and capitalise on a growing UK and overseas marketplace.”
Ian Wilson, investment manager at IP Group plc, commented: “One of Route Monkey’s strengths is that its product is appropriate for any business with road transport fleets, whether courier vans or 44t haulage trucks. The fact the software saves companies money by helping to reduce road miles through smarter planning, as well as by lowering CO2 emissions, is an understandably compelling proposition.
“When we first invested we saw the potential for Route Monkey to become an established name within the industry and there is no doubting it is now well on the way to achieving this. The company is already playing its part in supporting the North East’s thriving green technology sector.”
For more information on the Finance for Business North East Technology Fund, please visit:www.thenortheasttechnologyfund.com.
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