3rd December 2020
Derbyshire-based fleet management software provider has secured a £1.5m funding boost to develop its cloud-based product and create 20 new skilled jobs.
Nathan Grace Holdings Limited, which trades under the Chevin Fleet Solutions name, secured the £1.5m loan from the Midlands Engine Investment Fund (“MEIF”) E&SEM Debt Finance fund, managed by Maven Capital Partners (“Maven”).
Based in Belper, Derbyshire, Chevin Fleet Solutions (“Chevin”), is the leading global provider of fleet management software solutions to customers in both private and public sectors, with offices in the UK, USA, Belgium, France, and Australia. Its flagship fleet management product, ‘FleetWave’, is used in more than 180 countries across multiple sectors to manage around two million vehicles and associated assets.
Chevin has identified a growing demand for SaaS (Software as a Service) and plans to use the funding to support commercial opportunities and target the SME market on a global scale. The company is also planning to create 20 new jobs to aid its expansion.
Chevin’s client list includes Bentley Motors, Carlsberg Global Business Services, Verizon, and United Nations World Food Programme (UNWFP), this year’s winner of the Nobel Peace Prize. The company also recently secured a significant new contract with the US Government.
Ashley Sowerby, Founder and Managing Director of Chevin Fleet Solutions, said:
“We are delighted to have secured the MEIF funding and, in turn, the opportunity to expand our business horizons. This level of financial backing will allow us to strengthen our product range, broaden our client base, and enhance global opportunity. It will further define our footprint in fleet management.”
Jonathan Lowe, Investment Director for Maven, said:
“We are delighted to provide Chevin with the debt funding to further expand its global reach in the growing fleet management software sector. Ashley has built a very strong team and we are confident they will deliver further success. This is one of the largest deals that Maven MEIF Debt Finance has completed in the East and South East Midlands and clearly shows that we remain open for business in the current climate.’’
Lewis Stringer, Senior Manager at the British Business Bank said:
“The MEIF is committed to improving the finance landscape for small and medium sized businesses across the Midlands. With over 400 investments already made, this latest MEIF funding package is on the higher end of our investment scale and of significant value – demonstrating the level of the fund’s support and enabling yet another business to unlock new growth.”
Legal advice to Maven was provided by Alicia Corby of Gateley and Nathan Grace were advised by David Kaplan at Nelsons.
Sajeeda Rose, CEO of The D2N2 LEP said:
“It’s essential we support innovative and ambitious businesses like Chevin Fleet Solutions to maximise commercial opportunities for global growth, particularly during this time of change. Through the Midlands Engine Investment Fund, we want businesses to have the opportunity to grow and innovate further so they can contribute to the economic recovery and growth of our region.”
The Midlands Engine 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.
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