Route Monkey secures further funding to boost expansion
The Gateshead-based firm, which provides road transport routing and scheduling software, has received £450,000 from the Finance for Business North East Technology Fund and £50,000 from the Northern IT Research Fund, both managed by IP Group plc.
The funding will be used to consolidate its position within the electric vehicle sector and further develop its product range for conventional vehicles in order to grow market share. The funds will also be used to secure new premises in Gateshead and to grow the workforce by around 20%.
The company has recently been made a partner in the Department for Transport’s Plugged-In Fleets Initiative (PIFI), launched with the Energy Savings Trust and EDF Energy to help major organisations integrate more electric vehicles into their fleets.
The company received its first round of funding from IP Group plc in September 2011, with the £500,000 investment from the Finance for Business North East Technology Fund used by the business to focus on becoming a niche software provider for the electric vehicle market and to enable it to create strategic partnerships.
Ian Wilson, investment manager at IP Group plc, said: ‘One of Route Monkey’s strengths is that its product is appropriate for any business with road transport fleets, whether courier vans or 44t haulage trucks. The fact the software saves companies money by helping to reduce road miles through smarter planning, as well as by lowering CO2 emissions, is an understandably compelling proposition.’