Teesside based IT solutions provider razorblue has secured a six-figure investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
The firm specialises in managed IT and security services, super-fast connectivity, cloud and hosting and business software solutions across a broad range of industries, working with major retailers, manufacturers, professional services businesses and hotels.
razorblue was launched in 2006 by CEO Dan Kitchen from his family home when he was just 17. After quitting college in favour of self-employment, he started to grow the company, which moved to its headquarters in Catterick in 2009.
Today, the company employs 80 staff across offices in Catterick, Wynyard, Leeds, Manchester and London and boasts several multimillion pound contracts.
The investment comes as razorblue, which offers clients 24/7, around-the-clock support, has expanded into the North West with the acquisition of J-Media IT Managed Services.
Dan Kitchen, razorblue CEO, said: “This investment will support our growth plans following the acquisition of our new business in the North West. Our partnership with FW Capital will help us continue to move our strategy forward in the coming months, and we are very grateful to be working with a partner that understands our business.”
Keith Barnes, Investment Executive at FW Capital, said: “razorblue has seen annual growth of 30-35% in recent years and this forecast is set to continue. We are delighted to invest in such a dynamic company during this exciting time of expansion and wish Dan and the team the best of luck.”
Ben Houchen, Tees Valley Mayor, said: “In the Tees Valley we have have a growing reputation for great tech and professional services companies and there's no better example than razorblue. Last year I met Dan and his team, and it was very clear that they had ambitious plans to grow the company. It's great to see the company growing from strength to strength and benefiting from the funding in the Northern Powerhouse Investment Fund."
Mark Wilcockson, Senior Manager at British Business Bank, said: “Historically, funding options for businesses in the North have been scarce, which has stifled growth and innovation in the region. NPIF is making real strides in reducing the regional funding gap between the North and the South, providing a variety of finance solutions that help businesses in the North realise their growth ambitions.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse 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.