- Selazar to open a new office in Castle Donington following the investment
- Company has developed logistics management software to bring improvements to the e-commerce and logistics supply chain
- Established to service the 100,000 SME ecommerce retailers in the UK
Nottingham: Foresight Group LLP (“Foresight”), a leading independent private equity and infrastructure investment manager, is pleased to announce a £500,000 growth capital investment into Selazar Limited (“Selazar” or “the Company”), a logistics management software business, set to open a new base in Leicestershire.
The investment has been made using finance from the Midlands Engine Investment Fund (“MEIF”) and is part of a £1 million funding round led by Foresight and supported by Invest Co-Fund NI and private angel investors.
At present, e-commerce retailers are required to use multiple platforms to manage online sales and returns. Selazar has developed an end-to-end, logistics management software solution which connects the four major parts of an e-commerce operation - product suppliers, fulfilment centres, couriers and retailers - within a single, easy to use platform.
The software captures and uses granular levels of data to improve the efficiency of stock storage, handling and fulfilment, reducing costs throughout the value chain. Retailers are able to readily view and manage their stock, sales orders and returns through a single, unified platform.
Selazar will use the investment to open a new office in Castle Donington, Leicestershire. The base is strategically positioned in an area with a strong logistics presence and brings closer access to the large SME retailer market and its fulfilment partners.
Originally established in Belfast, the firm aims to service the 100,000 SME e-commerce retailers in the UK, each processing up to 40,000 product sales and returns per month. Selazar has also partnered with ICS, based in the West Midlands, to bring Selazar’s technology to ICS’ own retail clients.
Commenting on the investment, Adam Huckerby, Investment Manager at Foresight, said: “We are pleased to be working with such a vibrant and dynamic company with the potential to transform and add value to a large, growing market. We have been impressed by the rapid progress made by the management team and we are looking forward to supporting the continued growth of Selazar over the coming years.”
Jack Williams, CEO at Selazar, added: “We are delighted to have the support of Foresight, MEIF, Invest Co-Fund NI and our other investors. We are at a really exciting stage in our growth, with our platform now successfully supporting fulfilment centres, couriers and retailers across the UK, delivering thousands of parcels a week. We have a huge opportunity to scale ahead of us, and we are now very well placed to accelerate our growth.”
Grant Peggie, Director at the British Business Bank, said: “It is great to see that MEIF funding is supporting Selazar’s decision to open a new base in Leicestershire and recognition of this strategically important location in maximising the emerging opportunities within the e-commerce sector. MEIF is supporting growth across the Midlands and we would encourage other expanding companies to explore whether MEIF funding is suitable for them.”
Kevin Harris, Chair of the LLEP Board of Directors, said: "MEIF’s commitment of £500,000 to Leicestershire-based software company Selazar is another great example of forward-thinking investment in the future of our economy. Logistics is a key industry in Leicester and Leicestershire, and Selazar provides software solutions to logistics firms that keep them moving in this incredibly fast-paced sector. This MEIF investment will ensure that Leicestershire remains the destination for logistics businesses at all points of the supply chain.”
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.
For further information contact:
Ben Thompson, Foresight Group email@example.com/020 3667 8155
NOTES FOR EDITORS
About Foresight Group LLP ("Foresight”):
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 35 years.
Foresight has £4 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs) and Inheritance Tax Solutions using Business Relief (BR).
Foresight’s Private Equity team, comprising 28 investment professionals, pursues four discrete but complementary investment styles: Venture, Impact, Growth and Replacement Capital through its growing regional office network.
Foresight was named ‘Fund Manager of the Year’ at the PLC Awards 2018, ‘Generalist VCT of the Year’ at the Investment Week Tax Efficiency Awards 2018/19 and was a finalist in the 2018 Unquote British Private Equity Awards as Venture and Growth Capital House of the Year. In 2017, Foresight was voted ‘Best VCT Investment Manager’ at the Growth Investor Awards, having been previously awarded ‘VCT House of the Year’ at the 2016 Unquote British Private Equity awards.
Foresight is headquartered in London with regional UK offices in Manchester, Nottingham, Milton Keynes, Leicester, Edinburgh and Guernsey and international offices in Sydney, Rome, Madrid and Seoul.
About the Midlands Engine Investment Fund (MEIF):
- The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
- The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
- The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
- The MEIF covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South-East Midlands in the East and South-East Midlands.
- The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The programme will continue to spend to the end of 2023.
- The Ministry for Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit gov.uk/european-growth-funding.
- The Government has guaranteed all funding allocated through EU programmes until the end of 2020. https://www.gov.uk/government/news/funding-from-eu-programmes-guaranteed-until-the-end-of-2020
- The European Investment Bank is providing £122,500,000 to support the Midlands Engine Investment Fund. This follows backing for the Northern Powerhouse in 2017 and backing for the newly launched North East Fund. For further information visit eib.org
- The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations in or planning to open material operations in the West Midlands and East & South-East Midlands.
About the British Business Bank:
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank programmes are supporting more than £7.0bn of finance to over 91,000 smaller businesses (as at end of June 2019).
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:
- The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at thebusinessfinanceguide.co.uk/bbb.
- The new British Business Bank Finance Hub provides everything high-growth businesses need to know about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.
British Business Bank plc is a limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
About Co-Fund NI (ERDF):
Co-Fund II (ERDF), managed by Clarendon Fund Managers, invests with private investors such as business angels or their syndicates into eligible SMEs based in Northern Ireland, and provides up to 50 per cent of equity investment alongside 50 per cent from private investors on a deal-by-deal basis.
The fund is supported by the European Regional Development Fund under the Investment for Growth & Jobs Northern Ireland Programme (2014-2020).