£250,000 boost to spark QuoteHub’s growth

A technology company that helps electricians source materials and streamline purchasing is switching on its next phase of growth after securing £250,000 to expand its AI-powered sales platform.

Gloucester-based Henvis Group Limited, trading as QuoteHub, has received the loan through the British Business Bank’s South West Investment Fund, via appointed fund manager The FSE Group.

Bosses say the investment will support the development and rollout of George AI, an AI-powered sales platform designed to help electrical wholesalers and manufacturers automate product selection, generate quotes and increase sales.

They add the funding will enable QuoteHub to recruit AI engineers and developers, strengthen its technology infrastructure and accelerate product development.

Plans also include establishing a development hub in Bristol and bringing additional wholesale partners onto the platform.

Oliver Henson, chief executive and co-founder of QuoteHub, said: “We created QuoteHub to make life easier for electricians, helping them source products quickly and keep projects moving.

“As we’ve grown, we’ve seen a much bigger opportunity to modernise a sector that has traditionally been underserved by digital tools.

“This funding gives us the resources to accelerate development of George, expand our team and bring the technology to more partners across the industry.”

QuoteHub already operates a digital procurement platform used by more than 1000 electricians, enabling them to create material lists, compare real-time prices from partner wholesalers and place orders through a single app.

Its new George AI technology aims to act as a virtual trade counter, allowing wholesalers to serve customers around the clock while reducing administrative workloads.

QuoteHub estimates the UK electrical wholesale market is worth approximately £4.2 billion, with many operators continuing to rely on manual processes.

Greater automation could help wholesalers improve productivity, strengthen profit margins and deliver a more efficient customer experience.

Amanda Sheppard, investment manager at The FSE Group, added: “QuoteHub has built a clear understanding of the challenges faced by electricians and wholesalers, identifying an opportunity to use AI in a practical way that could deliver real efficiency gains for businesses across the sector.

“We’re pleased to support the next stage of the company’s growth and look forward to seeing the business build on the progress it has already made.”

The South West Investment Fund offers loans from £25,000 to £100,000, debt finance up to £2 million, and equity investment up to £5 million, helping smaller businesses access funding they might otherwise struggle to secure.

Lizzy Upton, senior investment manager at the British Business Bank, added: “Digital and technologies is one of the eight growth-driving sectors identified in the Government’s modern Industrial Strategy and the British Business Bank is focused on improving access to finance across these sectors.

“This investment from the South West Investment Fund will help QuoteHub develop its AI technology, expand its team and create skilled jobs in the South West.”

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