Hereford-based tech company eTravelSafety has received a £500,000 equity investment from venture capital firm Midven. This is Midven’s first investment in the Marches area through the Midlands Engine Investment Fund (MEIF).
eTravelSafety provides powerful mobile-ready software to enhance business travel safety. Their product portfolio comprises of a suite of tools that provide personalised travel risk assessments so that employees can travel safely around the world.
The £500,000 equity investment from Midven will allow the company to accelerate product development, broaden the sales team and increase their marketing reach.
According to the World Travel and Tourism Council, travel is one of the world’s largest industries, representing 9.5% of world GDP ($7 trillion) – with business travel accounting for $1.7 trillion per year and increasing every year. This sector growth, combined with greater worldwide risks, means there is an increasing need for employers to show a duty of care for employees. The eTravelSafety system provides a level of risk management to all staff levels that traditionally would only have been available to very senior employees.
Stuart Anderson, Chief Executive Officer at eTravelSafety, leverages more than two decades of security experience along with his industry knowledge to provide mobile-ready travel safety solutions.
Stuart Anderson, CEO at eTravelSafety, said:
“The market for travel safety and risk management is growing rapidly due to increasing political unrest, terrorism and criminal activity. eTravelSafety gives business travellers a comprehensive, engaging mobile platform to help ensure they are safe wherever they go. Our products allow for effective risk management, and on-the-go e-learning, enabling business travellers to discover more about their final destination on any device.”
Surjit Kooner, Investment Director at Midven, commented:
“eTravel Safety has developed an exciting proposition which is starting to build traction with corporates, public bodies and NGOs, who are all increasingly looking to provide greater protection for employees while they are overseas.”
Ken Cooper, MD at British Business Bank, said:
“The equity finance within the Midlands Engine Investment Fund forms part of the British Business Bank’s efforts to reduce regional imbalances in the availability of investment for small businesses.
“The funds are there to help innovative young companies like eTravelSafety that have the potential for growth, but need extra support to expand quickly. This investment in eTravelSafety will help broaden its market offering, stimulating economic growth locally and nationally.”
Graham Wynn, chairman of the Marches LEP, said:
“The success of companies such as eTravelSafety is vital to the continued growth of our region and our strategy to develop an innovative, modern economy across the Marches. The Midlands Engine Investment Fund is designed to help in exactly these circumstances and we are delighted we have been able to support the company’s vision in this way.”
If you would like to meet with one of MEIF's appointed Fund Managers to talk in more detail please go to Funds Available to find the Fund Managers operating in your area