News

Data Access Governance software firm Torsion Information Security has successfully closed a £1.1 million funding round co-led by Bayes Entrepreneurship Fund, Juno Capital and The FSE Group, alongside investors from several prestigious Cambridge angel networks.

Torsion will use the additional funding to roll out its automated Data Access Governance platform and significantly expand its business development, customer success, engineering, marketing and financial operations.

Enterprises the world over are faced with huge volumes of data being shared on a daily basis, through collaboration platforms such as SharePoint, Teams and Office 365. At a time when file sharing is rising exponentially and spiralling out of control, the Torsion software automatically monitors who has data access to what, why and when, controls inappropriate access, and works with business users to prevent potential breaches.

Torsion is built on business-focused intelligent automation, instead of complex manual tools for IT administrators, which makes it a highly effective and scalable solution for controlling data access in a cloud-first world.

Not only can customers keep data secure by getting control of sprawling data access and sharing, they also benefit from real-time visibility for assured compliance and reporting.

Peter Bradley, Founder and CEO of Torsion said: “We’re very excited to announce this new funding as we embark on a significant new stage of our growth plans.  To receive backing from such reputable and experienced investors is a huge testament to our vision, technology and team. We strongly believe our automated business-centric approach to controlling data access and sharing is the only way that enterprises can truly control access to their data. With this funding, we are truly solving the ‘who has access to what’ problem, on a global scale.”

Linda Coyle, Investment Director of the Bayes Entrepreneurship Fund adds: “In 2020/21, cybersecurity came to the fore due to the growth in remote working and the accelerated cloud adoption of companies worldwide cause by the pandemic. As a result, staff are sharing data at a prolific rate, both inside and outside their organisations. Inappropriate access has been the root cause of many serious cyber breaches, and businesses need to invest in solutions to protect themselves. Whereas early cybersecurity solutions focussed on network infrastructure, the focus is shifting to data governance and monitoring the activity of users. Torsion is well placed to take advantage of this shift and their solution offers a straightforward and easy mechanism for users to ensure that rights granted are in line with the security policy of the company. It is their focus on the user and their emphasis on end user simplicity which makes Torsion stand out. The Bayes Entrepreneurship Fund are excited to invest in Torsion and look forward to following their success and continued growth.”

Paul Lyristis, Investment Manager at The FSE Group, added, “Torsion is a unique, powerful solution to a big unsolved problem in a massive global market. Peter and his team are very driven and are experienced corporate operators. The overall cyber sector is growing rapidly, and Torsion operates in a key area providing a solution that is crucial. We are delighted to be supporting them and look forward to watching the business grow and prosper.”

Edward Rudd, Founder Partner of Juno Capital Partners LLP concludes: “We are pleased to announce our new investment in Torsion. The team at Torsion has built a software product that solves the problem of managing data access security at scale, and we believe they have built something that will change the way organizations protect their data. Torsion already has an impressive client base and we are excited to work with the team as they scale their operations and grow their revenues.”

Visit www.torsionis.com.

A Hampshire based marketing agency is the latest business to receive funding from the Enterprise M3 (EM3) Funding Escalator. The £150,000 Expansion Loan will be used to create new jobs in the company and support the overall growth of the business.

Jellyfish Livewire provides a range of print and digital marketing services in addition to owning and running an environmentally friendly gift card business. Green Gift Card is the only gift card in the world to have been accredited with the Plastic Free Trust Mark. It is already being used by several high-profile brands looking to increase their green credentials, including Selfridges, Aviva, Hampshire Cricket and the Ageas Bowl and even at the EE BAFTA Film Awards in the award nominees’ gift sets. It is the result of several years’ work by MD, Graham Lycett, to drive environmental change and responsibility in the sector.

Graham said: “Over the last decade we have developed a paperboard gift card that offers fantastic durability. We are now looking to create a new range of contactless smart cards as well as paperboard cards that are compatible with dye sublimation printing for a range of different applications beyond gift cards. This includes loyalty and membership cards, access and ID cards, and even smart contactless cards. The Enterprise M3 loan will help fund research and development for these new products as well as enable us to take on new staff to drive the growth of the business and become the market-leading provider of multi-functional paperboard cards.”

In the UK alone, we throw away millions of plastic gift cards each year. With a growing move away from PVC for not only gift cards but also loyalty and membership cards, key cards, bank cards and more, there is currently a substantial opportunity emerging as many brands seek ways to reduce their carbon footprint, reduce plastic waste and achieve their sustainability goals.

Simon Blackbourn, Investment Manager at The FSE Group, which manages the EM3 Funding Escalator on behalf of EM3 Local Enterprise Partnership (LEP), commented: “With over 20 years’ experience in the printing industry, Graham has gained an excellent knowledge base and sound reputation and is now a recognised authority on paperboard cards. This, combined with his passion for the environment, has led to the development of a range of innovative products and we are delighted to be supporting Jellyfish Livewire and particularly Green Gift Cards in the next stage of its growth as the company leads the charge in driving sustainability across the sector.”

Sue Littlemore, Joint Managing Director at the Enterprise M3 LEP added: “It’s great to see an innovative Hampshire company lead the way in the environmental alternative field, where it is expanding its range of smart and paperboard cards, helping the sector to reduce its impact on the climate. The developing range of Jellyfish Livewire’s Green Gift Card business chimes well with EM3’s vision to focus on driving a low carbon, high growth economy. We wish Jellyfish Livewire well with developing more environmentally friendly products as the business grows and creates more jobs.”

The Enterprise M3 Funding Escalator is a £10million initiative funded by Enterprise M3 LEP. The escalator includes an expansion loan scheme, a short-term trade loan scheme and an equity growth fund, and provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

A Worcestershire based food gifting company has secured a £200,000 loan to support growth through increased marketing and product development, creating eight new jobs. 

Ross & Ross Gifts Ltd, based in Evesham, secured the finance from the Midlands Engine Investment Fund (MEIF), provided by the FSE Group, Debt Finance Fund and backed by the Recovery Loan Scheme.  

Ross & Ross Gifts was created to address a gap in the market for quality and original gifts aimed at people using online sales to sell locally sourced food enhancing product, such as homemade Curing Kits, Food Hampers, British Roasts, British BBQ and Vegetarian. 

Ross & Ross Gifts will use the funding to expand its product range, which each range offering a variety of flavours and products including rubs, dusts, oils, jams, salts, sauces and chutney. The company aims to adapt products to new market trends as all products are designed and developed in-house by the founder, Ross Bearman, and then made by another local business. The Vegetarian range has been created in response to the recent increase in consumers choosing a more plant-based diet.  

Ross Bearman, Founder of Ross & Ross Gifts, said: “Due to our existing set-up and the speed with which we can innovate new ideas whilst retaining the quality and premium ingredients that our target customer expects, we are in a strong position to take advantage of new trends and tastes. We are delighted to secure this loan to put the impact of Covid-19 behind us, allowing us to drive our expansion strategy forward and add a new focus on personalisation and corporate gifting, both of which have huge potential to grow sales. 

Personalisation is a growing market trend in the gifting industry, with research showing that consumers are willing to pay a premium price for it. The company is looking to use this growth with a new range. The corporate gift market is worth £78million in the UK, and Ross & Ross will be concentrating on expanding its success in this market through sales of luxury hampers. 

Andy Moss, Head of Fund, Midlands at The FSE Group which manages the MEIF Debt Finance Fund, comments: “The business is currently operating a successful multi-channel sales strategy, split into Trade, Distributers and Online. The MEIF loan will support Ross & Ross Gifts to drive additional sales via these existing channels, through the engagement of further sales and marketing staff. It will also allow the company to keep ahead of its rivals by supporting in-house product development, ensuring innovation is always at the forefront of the brand.” 

Grant Peggie, Director at the British Business Bank, said: “MEIF funding aims to support the growth of Midlands-based businesses such as Ross & Ross Gifts. Alongside the creation of eight new jobs, the funding will help the company to expand into new markets and develop new products. We encourage other small businesses in the Midlands to consider MEIF financing options for their own growth plans.” 

Gary Woodman, Chief Executive of Worcestershire Local Enterprise Partnership, said: “It is great news to see another Worcestershire business being supported to grow through the MEIF programme. This support investment will allow Ross & Ross Gifts to expand their operation, creating new jobs in the county, helping the local economy to grow and recover from the challenging few years we’ve had. For any businesses in Worcestershire looking at what support options are out there to help them grow, make sure you speak with the Worcestershire Growth Hub team to find out more about all the options, including the MEIF programme.” 

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank. 

Newbury Mobility Ltd has received £75,000 from the Thames Valley Berkshire (TVB) Expansion Loan Scheme to support the opening of a new disability centre and to provide the capital to hold more stock.  

The deal was handled by The FSE Group, which manages the TVB Expansion Loan Scheme on behalf of TVB Local Enterprise Partnership (LEP).  

Newbury Mobility handles the sales, service, rental and repairs of stair lifts for domestic properties. The company will soon be opening a disability centre at its premises in Berkshire where customers will be able see demonstrations of stair lifts, floor lifts and step lifts, all geared towards making it possible for the domestic user to stay in their own home. It is also exploring partnerships with other disability providers, for example providers of wet rooms and modified kitchens, to display their products in the showroom.  

The company is also looking to expand into the commercial market this year by supporting the 43,000 local businesses who are legally required to provide equal access. For businesses that are open to the public, receive external visitors, and any business that has employees, renting a low-cost and sustainable stair lift is a simple way to comply with the Equality Act. Another source of expansion is through contracts with local councils to fit stair lifts to their properties.  

Avril Quince, Director of Newbury Mobility, commented: “We are very grateful for this TVB loan, which will support the development and growth of our disability centre showroom. The centre will allow customers, including medical professionals and commercial businesses, to see, try and educate themselves on the different options available to them. Our aim is always to seek equal access for disabled people and to support our customers’ preference to remain in their own homes, which is also the cheaper option compared to assisted living or care homes.” 

Phil Greenwood, Investment Manager for The FSE Group, added: “Newbury Mobility has a very strong management team with David’s 30 years of experience in the sales and servicing of stair lifts and Avril’s 20 years of business development. We are confident the launch into the commercial sector will allow the company to expand across their local area. The new showroom will be a huge benefit to the business, in terms of increased sales and awareness, and to the customers who use it and feel assured they have made the right choices for their circumstances.”  

TVB Expansion Loan Scheme is part of TVB Funding Escalator, an £11.3m initiative funded by Thames Valley Berkshire LEP. The escalator, which also includes a Trade Finance Loan Scheme and a Growth Equity Fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities. 

About The FSE Group

At The FSE Group, we have a 20-year history of supporting high growth UK SMEs, especially in underrepresented areas of the UK. In that time, we have had the opportunity to work through multiple market cycles and economic phenomena and see how they have affected SMEs.  Our mantra is “more than money”, which is achieved by genuinely looking to provide insight and challenges to businesses we support, to ultimately improve their “probability of success”.

This time is not different

The COVID-19 pandemic threw multiple assumptions about economic policy out of the window. One of them being whether the government should provide direct financial support to people and businesses, and if so, what are the circumstances under which that support is considered a good idea? Society appeared to agree that direct monetary assistance was reasonable in an economic crisis that was caused by non-economic short-term factors – namely, a global pandemic.

Whilst some SMEs have been hit very hard, others have remained unaffected, and for them it really has been business as usual, some are even showing strong growth.  Having spoken with many different sized SMEs which make up our portfolio, they have managed to demonstrate their true competitive advantage – their adaptability. From quickly changing their working models to fully remote ones, all the way to launching new businesses and products built around the new world of work, SMEs took up the challenge to boost productivity and keep the engine of the UK economy running.

SMEs now face quite a different challenge, including most government support to businesses coming to an end. Whilst they faced inflationary challenges during the pandemic, partially driven by challenges in supply chains, this has now been amplified by the rise in energy prices, bringing back memories of the 1970s. This has driven up costs considerably - the RPI (Retail Price Index) for April 2022 was 11.1%, notably the highest in decades. SMEs face the challenge in costs for themselves, but also for their staff who are feeling the pressures of inflation. This leads to challenges in staff retention and is a factor in what is being termed “The Great Resignation”.

Facing the challenge

There are going to be some causalities from this current business trading environment.  There always is – typically it boils down to decisive management action.  Using mentors and other support resources helps owners and leaders to work “on their business” even when it feels that it’s fire fighting “in the business”. 

Retaining, and motivating highly productive staff is so important.  Businesses that can afford a pay rise for their staff in line with inflation, should pay their staff more – or at least understand the difference between the effects of inflation on their staff’s disposable income.  However, this is a relatively privileged position - for many SMEs, especially those at the earlier stages who may not be profitable or have a balance sheet that can support this, this is not a viable solution. This is where the adaptable and nimble nature of SMEs can be an advantage. SMEs that are focussed on rapid growth and increasing shareholder value can consider setting up an option pool for their staff – it is generally good form for options to be allocated to all staff and not just restricted to senior team members. SMEs can also consider providing additional flexibility to their teams, as moving to a hybrid or fully-remote working model can help keep costs under control, and can help provide staff with greater flexibility. Additionally, it no longer restricts the hiring pool for candidates to a 20-mile radius of the office, allowing SMEs to hire skilled staff based across the UK’s regions.  The key is for leaders and owners to think differently.

In summary

UK Plc needs SMEs to grow and prosper. The FSE Group’s regional funds are open to support them by providing funding to eligible businesses to assist in their growth journey.  Many of the funds can provide both debt and equity finance and this allows the right combination of funding.  In addition, the funds are there to support the future – through genuine projection-led funding.