Stoke-on-Trent-based data solutions specialist IDenteq has secured a £700,000 follow-on investment from the Midlands Engine Investment Fund (MEIF).
The investment, made via the MEIF West Midlands Equity Fund I and managed by Future Planet Capital Regional, will enable IDenteq to launch a premium SaaS product for utility companies, designed to enhance credit risk assessment and improve services for existing clients.
The funding will also support the creation of a specialist managed service for address cleansing and occupier validation, alongside a new prospect portal tool for multiple sectors.
In addition to product development, the company, which was founded in 2020 by Ben Reed and Andrew McKinney, plans strategic hires in product development, sales and marketing.
Andrew McKinney, CEO at IDenteq, said: “This follow-on investment is a fantastic validation of our vision and the progress we’ve made to date. It will allow us to accelerate our product roadmap, delivering innovative solutions that meet the evolving needs of the sector.
“We’re partnering with utilities to raise the bar for the entire data services industry, and we’re excited to welcome new talent to the team as we drive forward into our next phase of growth.”
Tony Stott, investment director at Future Planet Capital Regional, added: “We’re delighted to continue supporting IDenteq as they enter their next phase of growth.
“The deeply experienced leadership team has an ability to rapidly develop and launch innovative solutions which makes them a standout in their sector. We look forward to providing continued support to help them scale the business.”
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.
