£850,000 funding to boost growth and employment at Sheffield investment solutions company.
Published: 11th January 2005
An expanding South Yorkshire company whose technology and expertise helps water companies keep charges to a minimum through informed investment decisions has completed further major financing from South Yorkshire Investment Fund
SEAMS Ltd, the Sheffield-based consultancy and information technology group has received £800,000 from SYIF’s Capital and Development Fund through a mixture of equity and loan stock along with £50,000 from the Small Business Fund. This follows an initial £50,000 loan earlier this year which helped SEAMS upgrade its computer systems.
The company provides highly advanced software and consultancy services to Water Utilities to support their key investment decisions. The technology is used to optimise investments made in infrastructure. Effectively SEAMS assist in keeping domestic water rates to a minimum.
The investment will enable SEAMS to market its technology, called WiLCO, in other utility sectors such as gas: electricity; oil; transportation and emergency services. The company also plans to create 30 new jobs over the next 18 months, doubling its current workforce.
SEAMS managing director, Dr Pete Skipworth, said:" This investment will enable SEAMS to build a global reputation as a technology leader in infrastructure asset management - bringing high quality, knowledge-based jobs into the South Yorkshire community. The company is delighted to be in partnership with the local investment fund SYIF.
Clive Downward, investment manager, said: "SEAMS is an exciting company with excellent prospects to build on its success in the water utility sector and expand its services into other areas. We are delighted to support the company in their plans following on from the investment provided by the Small Business Fund."
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About South Yorkshire Investment Fund
South Yorkshire Investment Fund provided seedcorn, loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund and Yorkshire Forward are investors in the Fund.
South Yorkshire Investment Fund also provided access to Business Angel investments from the Yorkshire Association of Business Angels and Microloans through BiG Business Loan Fund and Donbac Microloan Fund.
Finance Yorkshire has now taken on responsibility for providing gap finance in Yorkshire and the Humber.
For further details please contact Suzanne Tinkler, on 0845 649 0000.
South Yorkshire Investment Fund Ltd is a company limited by guarantee (Registered No 3936065). South Yorkshire Investment Fund comprises three sub funds, the South Yorkshire Investment Capital Fund, the South Yorkshire Investment Development Fund, which are each managed by YFM Venture Finance Limited, and the South Yorkshire Investment Small Business Fund, which is managed by Finance South Yorkshire Ltd. YFM Venture Finance Limited (Tel 0113 294 5000) and Finance South Yorkshire Ltd (Tel 01709 386 377) are each authorised and regulated by the Financial Services Authority. South Yorkshire Investment Fund also provides a number of services, which are not regulated by The Financial Services Authority. These include the pilot Seedcorn Fund, BiG Business Loan Fund, Mentorbank and access to the Donbac Microloan Fund. BiG Business Loan Fund is managed by Donbac Ltd (company registration No. 01925556) and Key Fund Yorkshire Ltd (Tel 0114 242 8900).