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6th September 2019

Collaborative working platform secures £40K funding boost

A BEDFORD-based software developer that specialises in collaborative working platforms has received a £40,000 cash investment from Enterprise Loans East Midlands (ELEM) through the Midlands Engine Investment Fund (MEIF).

Tyrocircle was set up by software engineer, Athar Majeed in 2014. Its most recent app Savah – a design collaboration, prototyping and usability platform for creative teams – is a unique offering to the UK market place.

The app allows designers to create high-quality prototypes for web and mobile apps without writing a single line of code. Data gathered by Tyrocircle shows that teams who have used the Savah app are generally 25% more productive and have also brought products to market 25% faster.

Athar Majeed, Founder and Managing Director of Tyrocircle, said:

“I have worked in the software engineering industry for ten years and a few years ago I spotted a niche space in the market to enable creative and digital teams to work more efficiently.

“If you have a design team working on a project, it may involve many people from multiple companies working on the same thing. Savah allows everyone to have access to the design file so users can drag and drop updates directly into the file. Everything is then stored in one place so there’s no need for hundreds of emails to be flying around. It also provides interactive communication between all parties for better design collaboration.

“This funding has been used to boost Savah’s presence in the market place and will allow us to target prospective clients effectively.”

The investment from Enterprise Loans will be used to develop the apps marketing strategy with a specialist agency and build a dedicated direct sales team.

Matthew Wright, Business Advisor at Enterprise Loans, said:

“The team at Tyrocircle have been working on this project for two years and, excitingly, Savah is now in a position to be taken to the next level. We are excited to see the impact the app has on potential clients and the creative market place.

“Athar’s commitment and dedication to the app and getting it ready to launch has been incredibly impressive. We’re therefore thrilled to help him with additional capital to support his business – we wish him every success in his venture.”

Lewis Stringer, Senior Manager at the British Business Bank, commented:

“The East and South East Midlands region has a diverse and expanding base of innovative, small businesses, such as Tyrocircle. We look forward to seeing the business grow and would actively encourage any other SMEs in the region looking for finance to grow to consider the options available through the MEIF.”

Hilary Chipping, Chief Executive, South East Midlands Local Enterprise Partnership said:

“Supporting companies like Tyrocircle, which work collaboratively across the digital and creative sectors, is so important to our area. We have a strong and growing cluster of digital and creative innovators, so combining both to improve the productivity and speed of products to market is a very exciting proposition.”

The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

For more information on Enterprise Loans visit www.first-enterprise.co.uk or follow @1st_Enterprise on Twitter. For further information on the MEIF please visit www.meif.co.uk or follow @MidsEngInv.

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The #MEIF is now on LinkedIn. Follow us for the latest investment news, fund updates and information on securing external finance.

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#MEIF Small Business Loans are available for a wide range of purposes including filling gaps in growth capital, funding new projects or purchasing equipment.

Connect with our fund managers @B_C_R_S and @1st_Enterprise and access more information here: https://t.co/FMbFV547x6 https://t.co/hnbIVDvsgI
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The @BritishBBank’s Business Finance Guide has been updated to help businesses experiencing challenges due to COVID-19.

The guide provides information on funding options, financial management and how to speak with lenders.

Visit the guide here: https://t.co/A1UBjWLnka https://t.co/xFVavqQqjI
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Read more here: https://t.co/DrUolxW5OT https://t.co/GYuJrslAg4
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Follow @midsenginv

The #MEIF is now on LinkedIn. Follow us for the latest investment news, fund updates and information on securing external finance.

Connect here: https://t.co/mhwkGSoAcr https://t.co/VXP3Zc0pJ0
MidsEngInv photo

#MEIF Small Business Loans are available for a wide range of purposes including filling gaps in growth capital, funding new projects or purchasing equipment.

Connect with our fund managers @B_C_R_S and @1st_Enterprise and access more information here: https://t.co/FMbFV547x6 https://t.co/hnbIVDvsgI
MidsEngInv photo

Sandiacre-based plastic moulding firm H.P.M is set to strengthen its presence in the #Midlands and create three new jobs following a £250,000 investment from #MEIF and @Maven_Midlands.

Read more in @BLMEastMidlands: https://t.co/4DMMg7PolE https://t.co/IhQtmq6QHV
MidsEngInv photo

The @BritishBBank’s Business Finance Guide has been updated to help businesses experiencing challenges due to COVID-19.

The guide provides information on funding options, financial management and how to speak with lenders.

Visit the guide here: https://t.co/A1UBjWLnka https://t.co/xFVavqQqjI
MidsEngInv photo

Warwick-based Utility Stream has secured new investment from the #MEIF and @Midven.

The energy consultancy will use the funding to expand its team, as the firm looks to build its presence across a range of new markets and sectors.

Read more here: https://t.co/DrUolxW5OT https://t.co/GYuJrslAg4
MidsEngInv photo

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