Insider Media, Feb 2015
A Gateshead-based technology company has secured a £260,000 investment to help grow its customer base and develop its products.
Logincident runs a mobile application of the same name which acts as both a risk and claims management tool for businesses.
Northstar Ventures provided the majority of the funding through its Finance for Business North East Accelerator Fund, with the remainder being sourced from private investors.
Gary Davison, co-founder of Logincident, said the company has already had “tremendous interest” in the app and has managed to secure a major client in OCS Group.
“We also have a very strong development team headed by Brian Jobling, founder of North East-based Eutechnyx, and the funding will enable us to expand our team and also help us focus on customer growth,” added Davison.
Rebecca Roberts, investment manager at Northstar Ventures, said: “The app has the potential to help reduce injury to employees, clients and the general public which will be a huge benefit to all concerned, and of course it will also bring benefits to companies and their insurers.”
The deal was led by Irving Ramsay, whose director Mark Irving said: “Gary and the team have worked incredibly hard to develop this innovative offering over the last couple of years so it’s very rewarding to see them close a round of funding which will now enable them to accelerate the growth of the business.”
The Accelerator Fund is backed by the European Investment Bank, the Regional Growth Fund and the European Regional Development Fund.