Authenticate Information Systems – whose technology platform is transforming the way food businesses manage their supply chain – has completed a new funding round of £2.3m.
The investment was led by NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund, with the remainder from existing shareholders including Summit Alpha. It will allow Authenticate to double the size of its software and data research teams, creating 10 new jobs at its headquarters in Harrogate, and brings the total raised by the company to over £5m.
Authenticate was founded in 2013 with the aim of bringing greater transparency to the global food industry. Its unique software allows food businesses to track ingredients right back to the source and ensure they comply with all relevant standards. The platform offers real-time compliance dashboards and benchmark analytics, and provides a more efficient way for them to monitor their supply chain in respect of food safety, environmental, ethical and social measures.
Authenticate already works with five of the top UK supermarkets and many leading global hospitality groups, and has more than 20,000 food companies worldwide registered on its database, including more than 75% of the UK’s food manufacturers. The latest investment brings the total raised by the company to over £5m.
Authenticate CEO Paul Marples commented: “We are delighted to have secured this latest funding round, which demonstrates investors’ confidence in the potential of our technology. Authenticate is changing the way the food industry looks at supplier compliance. We live in an ever more transparent world and technology means that so much more information can be monitored in real time – reducing the burden on all parties, and delivering genuine insight into the way our food is grown and processed.”
Graham Davies, Investment Director at Mercia said: “Authenticate’s software is helping food companies to meet the ever-increasing burden of technical compliance. This latest investment will enable the business to further develop its technology platform and accelerate its global growth.”
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.