Maven has increased its investment in Cheshire software firm, Traverse Automation.
In September last year, it secured a £500k investment from NPIF – Maven Equity Finance and this has been followed by an additional £650k today. This forms part of a larger investment round, and includes commitments from Traverse’s management team and Chairman, Mal Barritt, who’s also CEO of Traveltek.
Traverse supplies intelligent automation solutions to the travel and leisure sector, such as streamlining back-office tasks.
Since the initial investment last year, Traverse said it had expanded its customer base and more than doubled its annual license fees.
“We’re delighted to support Traverse Associates with this latest funding round as the business scales,” explained Tom Parton, Investment Manager at Maven.
“With a strong reputation and innovative technology, the business is making strong progress in the travel sector. This latest funding round exemplifies Maven’s ability to continually support a company as it expands through the different phases of growth, achieving key milestones set out in the business plan. We continue to look forward to working with the team.”
The new cash is being used to accelerate the growth of Cognitive Flow, its new proprietary Intelligent Automation technology. The software enables the adoption of affordable intelligent automation across both SME and enterprise markets.
“Our business has expanded in a way that wouldn’t have been possible without the funding and advice from Maven,” added John O’Neill, CEO at Traverse.
“Working with an investor that can provide capital at different stages in the growth journey has been instrumental in helping us scale. We are excited for what is to come over the next few years and look forward to working with Tom as we enter our next phase of growth.”
