Adaptis Solutions gets help from regional backer
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Venture investor The North West Fund for Digital & Creative has backed Adaptis Solutions after the company spent seven years being bootstrapped.
Adaptis Solutions has closed its first funding round by teaming up with the Digital & Creative division of The North West Fund.
The business has a service called 'Dash', a platform which allows cashless parking, passenger transport and taxi payment systems, as well as online virtual payments and licensing.
According to Adaptis, the undisclosed investment, which originates from the £185 million North West Fund financed by the European Regional Development Fund and the European Investment Bank, will enable it to grow its technical resources and develop its cashless payment platform.
The North West Fund for Digital & Creative is one of six funds established to provide debt and equity funding to small and medium-sized businesses in the North West of England.
Adaptis was founded in 2005 by Manni Marway, who then brought in Kuldip Pardesi as chief technology officer and Graham Smith as chief operating officer. With its head office in Liverpool, the company will also expand its marketing and sales teams on the back of the fundraising.
Marway, chief executive at Adaptis, comments, 'We are extremely excited about the investment by AXM, who bring strong tactical and strategic experience to the business and really understand the space in which we operate.
'This expertise will help us to accelerate our Dash platform to the next level of business growth.'
David Smith, fund manager for The North West Fund for Digital & Creative, adds, 'Adaptis is a great example of a bright, experienced founder team which has grown a profitable business, so far using only their own capital, and which the Fund can help accelerate in a high-growth market.'