The software firm has closed a £1.6m funding round led by investment group 24Haymarket and supported by Northern Powerhouse Investment Fund (NPIF) Mercia Equity Finance, which is managed by Mercia Fund Managers.
Smartgate Solutions Limited is a UK-based solutions provider working within regulated industries in the UK and internationally.
Smartgate has developed its cloud-based Radar Healthcare Quality & Compliance System to help regulated industries manage and meet both their operational and regulatory requirements.
It is a smart and effective tool to underpin operations and processes and affording the necessary visibility against performance and compliance.
Smartgate’s initial market is within the health and social care sector in the UK and its product quickly gaining a reputation as the go-to platform for quality and compliance.
The business has shown strong organic growth with increasing demands from its core market, international clients and other receptive industries.
Compliance and quality assurance are mandated requirements for many organisations and the impact of poor performance can be severe.
Radar is at the forefront of offering an innovative and effective solution to meet these critical business needs.
The business intends to build upon its success with this investment, expanding both its sales and delivery teams to meet demand within this highly receptive market.
Commenting on the investment, Paul Johnson, CEO at Smartgate Solutions, said: “We are very pleased to have the backing of 24Haymarket and in these exciting times for Smartgate.
“The investment and associated support along with the existing management team will ensure further success and growth.”
Stuart Fletcher at 24Haymarket said: “We are delighted to be investing growth capital
“Radar Healthcare Quality & Compliance System is a first-rate proven product which integrates people, processes and technology to significantly improve the consistency, robustness and transparency of quality & compliance in all health and social care environments.”
Graham Davies, investment director at Mercia Fund Managers, said: “Smartgate Solutions has developed an innovative system that is tailored for the health and social care sector and we are pleased to support the business as it continues to scale.
“Smartgate is a good example of the strong business growth coming from the Leeds region, and this funding will allow it to expand and build upon the talent within its team.”
24Haymarket is a premium deal-by-deal investment platform focused on high-growth businesses, investing up to £5 million in any particular company.
24Haymarket’s investor network includes several highly-experienced private equity and venture capital investors, seasoned entrepreneurs and senior operators.
Mercia Fund Managers provide both equity and debt finance to small businesses based in the UK regions.
The Group has more than 400 businesses in its portfolio, a strong record including 11 IPOs, and manages in excess of £330.0milllion of