Hi-tech company protects its future with further funding
A Sheffield based hi-technology security group has received further funding from South Yorkshire Investment Fund to expand into new markets.
Dinnington company Connexion2 has received a further £65,000 equity from the investment specialist to launch a new marketing strategy for its tele-communications based SoloProtect personnel security system.
Connexion2 initially received £200,000 of funding from SYIF to develop the award winning Identicom security device, which forms the basis of SoloProtect, and uses mobile communications technology to enable threatened or vulnerable lone-working staff to raise an alarm discreetly.
Craig Swallow, Managing Director of Connexion2, said: "SoloProtect is an all-inclusive, fully managed service comprising an Identicom, round the clock manned-monitoring, mobile network connection, airtime, user training and our Totalcare support package to the client.
"The service is specifically aimed at meeting the needs of companies and organisations in managing the security of lone working staff. It has been developed to provide both the business and staff with a simple to use, affordable, fully managed solution which can alert the emergency services to incidents where necessary and in a timely manner.
"The SYIF investment will facilitate a direct marketing drive for the SoloProtect service, whereas Identicom is distributed through our channel partners. The need for direct marketing in the case of SoloProtect, is that we are providing an entire business solution and service package, rather than a single product."
Disguised as a standard identity card worn by employees, Identicom - as part of the SoloProtect service - can audio-record threatening incidents as well as raising an initial alarm and will suit public and private sector companies ranging from transport providers to local government.
Nigel Owens, Investment Manager at South Yorkshire Investment Fund, said: "The SoloProtect service joins up clever technology and brilliant design with the services that lone workers need to feel secure. We are delighted to make a further investment in Connexion2 to help its development."
Gareth Hughes has been a Non Executive Director at Connexion2 since its foundation and agreed to represent the Fund's interests under the Money with Management scheme during the first round of funding.
Gareth said: "Connexion2 has a strong and experienced management team. As Non Executive Director, I am able to contribute particularly on the development of strategy and raising of appropriate finance.
"SYIF has been joined in this round by substantial private equity investment and the company is now well funded as it moves into an expansive stage of its development."
SYIF can provide 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.
To find out more about the SoloProtect service, visit the dedicated website at: www.soloprotect.com
For more information about South Yorkshire Investment Fund, please visit www.syif.com or ring 01709 386377.
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).