UK-based Historic Futures (HF) has secured £2.6m to fund the roll-out of its supply chain traceability software.
The remainder of the capital came from other existing shareholders and a series of new angel investors, the company said.
Founded in 2003, HF enables businesses to gain visibility into their supply chain, from raw material to finished product.
Alistair Tillen, investment director at Bridges Ventures, said, “As supply chains have become more global, the ability to trace the source of raw materials used in finished products has become increasingly difficult to manage. At the same time, consumers and regulators are demanding a higher level of information about the origins of their products. We therefore see a compelling opportunity for an affordable and easy to implement tool to help firms manage sourcing and sustainability at every stage of their supply chain.”
Tim Wilson, managing director of Historic Futures, added, “These funds will enable us to accelerate our technical development as well as build out a highly efficient infrastructure and customer services capability to support our recent global customer project successes.”
OTECF is a £30m fund, established in 2008, that specialises in science and engineering start-ups and early stage ventures. The fund has a portfolio of 20 investee companies, the majority of which are spin outs from government research labs, universities or corporate R&D departments.
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