Durhamlane's software development spin-out receives £125k investment boost
A new software development firm spun out from North East sales consultants durhamlane has received a £125k investment to support its continued growth.
Powerhouse Software Limited, which was established by Richard Lane, Lee Durham and accountant Will Tombs, was set up back in 2015 with a focus on developing products for the accounting marketplace.
In that time the spin out business has recruited former Xero and Sage executive Nick Longden as its non-Exec Chairman and is currently working on a range of apps that build upon Richard, Lee and Will’s consultancy experience, including GPS-enabled mileage tracking app Mile Eyes.
Touching upon the rationale behind the Mile Eyes app, Richard said that the tech-enabled solution poses numerous benefits over the traditional pen and paper method, and can help to eliminate employee downtime on menial tasks.
He said: “Typically in business, we see people record their mileage with a notepad and pen. The information is then (often irregularly) transferred manually into a spreadsheet or larger software system. Many expense systems are cumbersome and mileage can get put onto the back burner for months at a time.
“The result is often the under-claiming of mileage for individuals, downtime away from “real work” and frustration with existing systems – all of which leads to a loss of productivity and frustration.
“For the business owner it can also be a missed opportunity in extracting reimbursement from their company in a tax efficient way.”
Powerhouse’s early work has led to a £125k investment from the Finance for Business North East Proof of Concept Fund, which is managed by Northstar Ventures.
Rick Charnley, Investment Manager at Northstar Ventures commented: “We have known Richard and Lee for several years and have always been impressed by their ability and ambitious nature.
We hope that our investment will help Powerhouse successfully launch the Mile Eyes app and to develop other future products, whilst growing their team here in the North East.“
Access free online guidance for North East businesses in the Growth Hub North East's COVID-19 toolkit →