Harrogate foodtech firm to double software team with £2.3m funding
A Harrogate supply chain technology platform is expanding operations by growing its team after securing £2.3m in a new funding round.
Authenticate Information Systems secured the investment, led by NPIF - Mercia Equity Finance,which includes £1.5m from the Northern Powerhouse Investment Fund and the remainder from existing shareholders including investment firm Summit Alpha.
Founded in 2013, Authenticate specialises in software that allows food businesses to track ingredients to source and ensure they meet required standards.
The new funding will enable the Harrogate-based firm to grow its software and data research teams, creating 10 new jobs.
Authenticate CEO Paul Marples commented: “We are delighted to have secured this latest funding round, which demonstrates investors’ confidence in the potential of our technology.
“Authenticate is changing the way the food industry looks at supplier compliance. We live in an ever more transparent world and technology means that so much more information can be monitored in real time – reducing the burden on all parties, and delivering genuine insight into the way our food is grown and processed.”
Graham Davies, investment director at Mercia added: “Authenticate’s software is helping food companies to meet the ever-increasing burden of technical compliance. This latest investment will enable the business to further develop its technology platform and accelerate its global growth.”
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