News

A real-time fraud protection company that has established cutting edge software to revolutionise the telecommunications industry by offering a unique fraud tracking and blocking solution for companies is the latest organisation to be supported by The Enterprise M3 Funding Escalator.

Farnham based, Six Degrees Labs Limited were established in 2016 and have secured a £300,000 growth loan, which will enable the company to recruit additional resources to facilitate the growing demand for their products. Six Degrees have created a sophisticated and effective, identification fraud prevention system which helps stop telecoms operators and their customers from losing money.

Six Degrees provide their clients with RVS software which prevents direct fraudulent calls and they have also developed their own software to prevent SIMBOX fraud. SIMBOX Fraud occurs when fraudsters insert SIM cards into a server which connects 30 SIMs to the network per server. Some ‘SIMBOX networks’ have 10 or 20 of these in operation that can handle 300 to 600 concurrent fraudulent calls into the local networks.

The SIMBOX software is able to monitor calls coming in and attributes a score to any potentially fraudulent numbers, once a pattern is determined the number is automatically blocked from calling. Six Degrees have also extended the system to completely prevent telecoms customers from receiving annoying and harmful ‘Wangiri’ calls, where people are left in a missed call in the hope that the person called will return the call and be charged for premium rate or expensive international calls, from which the fraudsters receive a share of those costs. Vodafone, Three, BT and nearly all operators across the world are all experiencing high volumes of these harmful Wangiri calls for which they require an effective solution to prevent.

Six Degrees Labs Limited, Managing Director, Bryan Rowe said: “Over the last few years, Six Degrees has grown from a small software company for a couple of customers into one of the most successful real-time fraud prevention technology companies internationally. Obtaining finance for growth is crucial for us to succeed and achieve our goals in the future. The funding will allow us to expand our operations into the UK market, with the relocation of our head office to Farnham.”

Derek Ellis, Senior Fund Manager at the FSE Group, said: “Six Degrees team is made up of highly skilled individuals who have an abundance of experience in the telecoms fraud industry, which puts the company in a strong position to grow in the coming years. We are pleased to be working with Bryan and his team during this exciting new chapter and wish them all the success.”

Kathy Slack, CEO, Enterprise M3 LEP, comments: “As the Enterprise M3 region’s growth in high-value, hi-tech sectors continues, it is crucial that cyber-security moves at the same pace. We are delighted that we can help Six Degrees, experts in this field, to overcome the growth obstacle of access to finance and so, enable them to develop further their impressive technology. It is also great news that Six Degrees are placing their confidence in the Enterprise M3 region by locating their head office here.”

The Enterprise M3 Funding Escalator II is a £10million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth 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 across the EM3 area.

Supply chain finance Fintech, Whitehall Finance have successfully completed their latest funding round. The round includes investment from Cirdan Capital Management and The FSE Group, through the Thames Valley Berkshire Growth Fund. Founded in 2015, Whitehall Finance provide innovative supply chain finance, unlocking the potential for businesses and suppliers to obtain immediate payment for their approved invoices.

Colin Levins CEO of Whitehall Finance, commented, “We are delighted to welcome our new investors who share our belief in the opportunity to make Supply Chain Finance and dynamic discounting a mass market product. Our product provides a new flexible source of finance for SMEs and also enables larger corporates, local authorities and educational institutions to pay their suppliers early and share in the benefit of providing this fully flexible service to their suppliers, thus creating a risk-free treasury alternative to placing surplus funds on deposit with banks or money market depositors.”

Simon Labahn, Fund Manager at The FSE Group, commented, “We are pleased to back Whitehall Finance in this funding round. In Colin and the Whitehall team they have a highly experienced founder and team who have previously scaled a business within this sector. We are excited about the market opportunity and the vision for the product moving forward. We wish them all the success for the future.”

TVB Growth Fund is part of Thames Valley Berkshire Funding Escalator, an £11.3m initiative funded by Thames Valley Berkshire LEP to support job creation and economic prosperity in Berkshire. The escalator, which also includes four separate loan schemes, provides eligible companies – from start-up to established – with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities.

An events company organising music festivals, private functions and other events near Bude is the latest company to be supported by the Cornwall and Isles of Scilly Investment Fund (CIOSIF).

The Wyldes, which held its first festival in 2008, has successfully secured a large six figure CIOSIF loan. The Wyldes hosts a number of music concerts at its farm-based site with its main event, the Leopallooza Festival, having grown substantially year on year with attendance and revenues doubling in the last five years. The event now attracts a line-up of top-quality music and comedy artists.

The Wyldes co-founder, Sam Dunnett, said: “Over the last decade, Leopallooza has grown from a small event for our friends and family into one of the most successful festivals in the region. Obtaining finance for growth is crucial for us to succeed and achieve our goals, but it is not easy in this unique industry. We are thrilled to have secured this CIOSIF loan, which enables us to improve the site, invest in new equipment and increase and upskill our team.”

Tim Williams, fund manager at the FSE Group, said: “It is difficult for any SME to grow without financial support and advice; CIOSIF can make a big difference in providing the funding required, which might not be readily available from traditional finance sources. The Wyldes has a strong team who have gained considerable experience in this niche sector and are ready to take the business to the next level. We are happy to be working with them through this next stage of growth.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund managers FSE Group.

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, added: “The Wyldes has established itself as one of the premier events venues in Cornwall, attracting global acts and making a significant contribution to the cultural economy. Their use of local contractors means there is a direct benefit to local businesses from events and we’re pleased the fund has been able to support them.”

Lloyd Brina, Senior Manager at the British Business Bank, added: “This loan is helping The Wyldes to invest in their infrastructure and their team, which will underpin future events and future growth. It’s great news for music fans in Cornwall and beyond, and will boost the visitor economy.”

CIOSIF 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. Further investment has come from the Cornwall and Isles of Scilly Local LEP and HM Government. For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk or follow the fund on Twitter at @CIOSIFBBB2

An IT company that has developed cutting edge software to revolutionise the hospitality industry by providing an innovative ordering payments and E-money banking solution is the latest company to be supported by The Enterprise M3 Funding Escalator.

Staines based, Cibo Pay who were established in 2015, have successfully secured a £200,000 expansion loan to help them realise their growth ambitions.

Cibo have created an integrated cloud-based food & beverage and retail venue management system, which allows venues to control everything from one platform. This includes features that allow users to manage inventory, staff rotas, purchasing requirements, marketing and a full suite of reporting tools. The company’s platform is already being used by over 100 clients with more being added on a monthly basis.

Cibo Pay’s Chief Executive Officer, Faridoon Qazi said: “Over the last few years, Cibo has grown from a small software company for a couple of clients into one of the most successful hospitality technology companies internationally. Obtaining finance for growth is crucial for us to succeed and achieve our goals in the future. The funding will allow us to expand our operations with the creation of a series of marketing and sales positions across the company, as well as enabling us to purchase new equipment to ensure that we remain as market leaders in this fast-paced sector.”

James Edwards, Senior Fund Manager at the FSE Group, said: “Cibo Pay’s team is made up of highly skilled individuals who have an abundance of experience in the hospitality and payments sector, which puts the company in a strong position to grow in the coming years. We are pleased to be working with them through this next stage of growth and wish them all the success for the future.”

Kathy Slack, CEO, Enterprise M3 LEP, comments: “We are delighted that our Funding Escalator finance is ensuring Cibo Pay can grow and maintain its position as a trailblazing company. Our vision to deliver prosperity with innovation involves financially supporting innovative companies, like Cibo Pay, to reach their full potential which in turn, supports our vision of establishing our region as a global, hi-tech hub.”

The Enterprise M3 Funding Escalator II is a £10million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth 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 across the EM3 area.

A Penryn-based software company has secured £250,000 investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), as part of a £750,000 funding package, which also includes £250k from Cass Entrepreneurship Fund and £250k from the Chelverton Investor Club, managed by Chelverton Asset Management.

FibreCRM has created a specialist cloud-based Client Relationship Management (CRM) system specifically for accountants. The CRM integrates the different technologies used by accountancy practices, allowing an easier flow of information and ultimately helping make accountants’ lives easier.

The company already has an impressive client list boasting some of the UK’s most progressive accounting firms and is experiencing growing interest in its innovative software. The solution helps firms build stronger relationships by being more productive and proactive with their marketing, business development and operations, in addition to bringing much needed visibility throughout the practice.

FibreCRM founder and CEO, Simon Leek, said: “The investment comes at a crucial time, enabling us to grow the team in Cornwall, build capacity to service increasing demand and continue to innovate. We are thrilled that our product is being so well received by the industry, as evidenced by our recent shortlisting for Accounting Excellence’s software innovation of the year award.”

Ralph Singleton, Senior Fund Manager at The FSE Group, the appointed CIOSIF fund manager, commented: “FibreCRM have created a unique offering which the management team has further strengthened through establishing strategic partnerships with other leading suppliers in the industry. They are now well-positioned to take advantage of the significant opportunities available to them and we are pleased to be helping them achieve their goals.”

Richard Bucknell, who led the investment on behalf of Chelverton, and who will join the FibreCRM Board commented; “Simon and his team at FibreCRM are entering a really exciting period, bringing a genuinely value-adding product to a sector that is now beginning to see the benefits that an industry-specific CRM solution can deliver. We’re very much looking forward to working with Simon and our co-investors over the coming years”.

Linda Coyle, Investment Manager at the Cass Entrepreneurship Fund stated “we are impressed with the industry knowledge of the team, the level of customers and partnerships achieved to date and therefore, are delighted to support FibreCRM in their next phase of growth”.

CIOSIF is a £40m fund providing debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “FibreCRM’s software drives productivity through efficient client relationship management, freeing up accountants to concentrate on providing excellent service to their clients. It’s a great business and we wish them every success.”

Ken Cooper, Managing Director at the British Business Bank, added: “This is a great example of an ambitious Cornish company taking advantage of the opportunities offered by the CIOSIF funding to grow and address new markets.  It is companies like FibreCRM that will provide the innovation and growth needed for the Cornwall and Isles of Scilly economy to thrive.”

CIOSIF 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. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government. For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk or follow the fund on Twitter at @CIOSIFBBB2