YFM Group Funding Drives TBiConnect’s Expansion And Attracts Ex-Amstrad CEO To The Board
December 2007
Cheltenham-based TBiConnect Limited, has secured £330,000 venture capital funding from the YFM Group-managed South West Ventures Fund. The investment supports the go-to-market strategy for the TBiConnect business-to-business eCommerce service. TBiConnect is to be chaired by David Rogers, a former chief executive of Amstrad Plc and Lucent EMEA.
TBiConnect unites corporate organisations with their supply chain securely through the internet, allowing the full automation of “Purchase to Pay” processes between suppliers and buyers. TBiConnect controls and manages the exchange of electronic transaction documents (invoices, remittances, purchase orders etc) securely between supplier and customer at very low cost and without changing IT systems at either end. The service replaces business paperwork and automates transactions quickly, simply and securely, reducing administration costs to pence per transaction.
Nick Simmonds, Investment Manager from the YFM Group, said: “TBiConnect has developed a proven solution to address the business need problems faced by many organisations handling thousands of financial transactions.
“We have been particularly impressed with the excellent management team and are delighted to back this exciting solution.”
TBiConnect is ideally suited to medium and larger businesses, handling at least 100,000 financial transactions per year, where the administration of accounts payable and supplier account queries can fundamentally undermine the overall performance of the financial management function.
Enterprise Foods, an early adopter, has used TBiConnect since March 2004. Supporting most of the major food service and supermarket corporates, Enterprise Foods has processed in excess of 3.5 million invoices and credit notes through TBiConnect with zero transaction failures over the past three years.
The latest adopter of TBiConnect is First Greater Western (FGW), a train operating group and part of First Group Plc. TBiConnect is being introduced across FGW's operating sites, linking its centralised accounts payable operation to over 70 operating sites and a diverse supplier community.
Simon Fox, CEO of TBiConnect, said: “We are delighted to have secured the investment from South West Ventures Fund to support our vigorous growth plans. The business rationale for our service grows ever more powerful as corporates struggle to increase performance in every department, while maintaining stability of operations and IT. .”
David Rogers, Chairman said: ”TBiConnect’s customer proposition is compelling. It delivers immediate cost benefits and control to financial systems. We’ve had immediate positive reception and industry recommendations from early customers on the strength of the ease, simplicity and operational benefit they’ve experienced. Investment from the South West Ventures Fund enables TBiConnect to make a forceful entrance for a long-term future in this emerging market.”
NOTES TO EDITORS:
YFM Group - South West Ventures Fund
YFM Group – is the UK’s most active investor in the small and medium enterprise marketplace. YFM Group manages in excess of £300 million of funds with investment sizes ranging from £50,000 to £5 million. Principal offices are located in Leeds, Manchester, London and Bristol with over 45 investment professionals being employed across the UK.
The YFM Group managed South West Ventures Fund is a £25M fund that has been set up to provide venture capital to small and medium sized enterprises (SMEs) based in the South West of England. Initial investment can be up to £330,000 with an ability to invest a further £330,000 after six months. In certain circumstances, alongside other new investors, the Fund can follow on its investments to provide a total of £2.5 million to one company. To date the fund has invested £7.1m in 25 companies.
South West Ventures Fund is managed by YFM Venture Finance Limited part of the YFM Group. YFM Venture Finance Limited is authorised and regulated by the Financial Services Authority.
For further information about YFM Group and South West Ventures Fund, please telephone 0117 906 3410, log on to www.southwestventuresfund.co.uk or email info@southwestventuresfund.co.uk
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