Jobs created at Newcastle tech firm with £50k Small Loan Fund investment
Newcastle-headquartered tech firm ION is taking on new staff after securing a £50k investment to fuel its expansion.
The company will use five-figure funding from the new North East Small Loan Fund, supported by the European Regional Development Fund, to scale up and double its staff count.
ION works to help clients improve sales performance using advanced enterprise cloud technologies and bespoke business transformation services.
It focuses on the manufacturing, engineering, energy, pharmaceutical and fast-growth SME markets, with current clients including Gateshead College, Baltic Mill, the Greggs Foundation and Elton John AIDS Foundation.
As a result of the Small Loan Fund backing, ION will create up to 16 jobs over the coming 12 months, which will enable it to serve more and larger contracts.
The company worked with NEL Fund Managers to secure the investment.
Managing director Rob Mathieson, who founded ION in 2016, said: “The range of business technologies available is growing at an exponential rate, and having the right systems in place can make a crucial difference to commercial performance.
“The solutions we provide help clients find more new business development opportunities, improve their relationships with existing customers and reduce customer churn.”
He continued: “We’ve established an impressive range of services and a strong client base over the last two years, and believe we can now make significant further progress through scaling up our own operations.”
NEL Fund Managers investment executive Jane Siddle commented: “The quality of the ION team’s insight into how advanced technologies can be used to improve clients’ business performance has been clearly demonstrated over the last two years.
“Our investments are designed to make a visible impact on investees’ performance, and we’re looking forward to now seeing ION grow even more quickly in the near future.”
The £9m North East Small Loan Fund is part of the wider £120m North East Fund and typically invests between £10k and £50k in companies across Tyne & Wear, Durham and Northumberland.
It is designed to help create more than 1,200 new jobs at over 320 SMEs in the region during its lifetime.