CMS SupaTrak set for growth following investment from South West Ventures Fund
A Swindon company which provides vehicle/asset tracking and mobile workforce solutions has secured £300,000 in second round funding from the South West Ventures Fund. The funding will allow CMS SupaTrak to exploit growth opportunities in a rapidly expanding market.
CMS SupaTrak has established itself as a market leader with its innovative products, ‘SupaTrak’ and ‘JobTrak’. Commercial fleet companies, couriers and local government are among those using CMS SupaTrak solutions to manage their services and to monitor field staff. SupaTrak is a-low cost tracking solution that allows users to track and trace their vehicles and staff, improving the security of goods and assets and enabling quicker responses to customer queries and improved management of logistics.
JobTrak is a complementary system which allows users to provide their mobile workforce with important job information. Recently, the company has launched EcoTrak, which in addition to conventional vehicle tracking, enables fleet operators to measure actual fuel usage, carbon emissions and monitor driving style for the purpose of managing fuel costs.
South West Ventures Fund has been joined in the round by former UK Vodafone Corporate managing director, Graham Ward, who joined the Board of CMS SupaTrak as Non Executive Chairman in 2006. The South West Ventures Fund initially invested in the company in 2005, enabling CMS SupaTrak to exploit a number of growth opportunities. The company has since grown significantly and diversified its client base to include organisations such as Royal Mail, Network Rail and Hampshire County Council.
CMS SupaTrak will now recruit extra staff to accelerate its sales strategy and capitalise on a market poised for rapid growth. Analysys, the global advisers on telecoms, IT and media, reports that vehicle tracking will be one of the first sectors to mature in the European wireless data market, which is forecast to be worth EUR10bn by 2011. A three-fold increase in growth is forecast in the American, Japanese and European markets by 2013.
Growth in the market generally is being driven by the ability of companies to provide improved customer service using the latest technology, and in the UK specifically by increased legal and administrative pressures following recently introduced legislation, such as the duty of care to shift workers and personal tax compliance for mileage claims.
Jason Airey, Managing Director of CMS SupaTrak, said: “We are thrilled to receive this funding, which will enable us to develop opportunities that would otherwise not be possible. This investment is important to the continued growth of the company and will enable us to further strengthen our place in the market.”
Speaking about the investment, Alison Briggs, Investment Manager at YFM Group, managers of the South West Ventures Fund, said: “CMS SupaTrak’s products offer exceptional functionality and excellent value for money. This latest investment, coupled with its strong management team, puts the company in a great position to maximise the market opportunities ahead.”
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NOTES TO EDITORS:
YFM Group - South West Ventures Fund
The YFM Group managed South West Ventures Fund is a £21m 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 £9.1m in 28 companies.
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.
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
Media enquiries:
To arrange an interview with South West Ventures Fund, please contact Matt Anderson or Hannah Roberts at Montage Communications on 0845 644 5404 / 07872 399 767 or email hannah@montagecomms.com