New investment spearheads global expansion for Scottish company
Morisons has played a key role in supporting an investment deal which will see Scottish based Traceall Global, continue its international expansion.
The company, whose clients include Coca-Cola, Jamie Oliver, McDonalds and Selfridges & Co, has developed software technology which enables companies, particularly in the food and drink sector, to track and monitor equipment ensuring product safety and maintenance and deliver brand protection.
Representing Maven Capital, Morisons led the deal which saw Traceall Global receive a £1.5million loan from the investment manager via the Scottish Loan Fund (SFL). A further £0.5m of equity investment was made by a number of Maven’s clients. The funding will elevate the company’s next growth stage which will include expanding its business development and technical teams.
Andy Sloane, Business Team Partner, said, “Brand protection is crucial to global companies, particularly in the food and drink sector, who have faced significant crisis situations recently with mislabelling and contamination, and Traceall provides vital support to help eliminate risk.”
The global food traceability market is estimated to be growing 8.9% annually and is expected to reach $11 billion by 2016.
Julie Glennie, Investor Director at Maven, Morisons’ client, said, “Maven is delighted to offer its support both through its own client funds and the SLF to this dynamic and exciting business. The management team has worked extremely hard to establish key relationships with global players in the food and beverage sector which will ensure they are well placed to deliver impressive growth and we look forward to working with the team to help them meet and exceed their plans for the future.”
Alan Steele, Managing Director, Traceall Global added, “This investment comes at an exciting time for our business. We are able to fill a need that was otherwise not technologically possible. This major investment from Maven, combined with their outstanding advisory team propels Traceall into our next critical phase of growth.”< Back