£800k funding for software firm

L-R: British Business Bank’s senior manager for Cornwall & Isles of Scilly, Lloyd Brina; Colateral chairman Robert Salvoni; FSE Group’s Ralph Singleton and the LEP’s John Acornley.

Truro-based software company Colateral has successfully completed its latest funding round including further investment of £200k from both the Cornwall and Isles of Scilly Investment Fund (CIOSIF) and existing corporate investor, SMP Group PLC. The Future Fund, which supports innovative UK companies with growth potential, has also committed £400k.

Previously known as Swoop Applications, the company has recently rebranded as Colateral in order to improve market relevance.

Its Software-as-a-Service (SaaS) platform manages instore marketing campaigns for retailers, cutting waste, improving communication with stores and helping to drive increased sales with better display compliance. It works with some of the UK’s leading retailers including Paddy Power, The Works and WH Smith.

During the coronavirus pandemic, retailers have used Colateral to optimise and streamline instore marketing processes and minimise the production of unused print materials. Latest product developments include the ability to send personalised visual instructions to store teams and to track and analyse display compliance with new campaigns.

Colateral chairman, Robert Salvoni, said: “When we first set out to develop our platform, it quickly became clear that instore marketing was one of the most common retail challenges without a good solution.

“Colateral is an end-to-end solution, capturing the needs of individual stores and tailoring campaigns to match. As the business continues to grow and expand, even in these unprecedented market conditions, we are delighted to have received additional funding from CIOSIF and our private investors, allowing us to continue with our recruitment drive, further developing our already strong and robust team.

“Recently our product development has focused on the implementation speed of the platform and we look to forward to strengthening this with this recent round of investment.”

The £40 million Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25k to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund managers The FSE Group.