University of Leeds spin-out gets £3.5m boost from Mercia
A MAJOR investment in University of Leeds spin-out has increased technology funding business Mercia’s stake in the firm .
Mercia Technologies PLC has invested a further £3.5 million in e-procurement platform Science Warehouse Ltd to increase its stake from 45% to 63%.
This latest round of funding will allow the business, which already has a profitable model with 90% recurring revenues, to further increase its growth trajectory and international expansion.
Established in 2000 as a spinout from the University of Leeds, Science Warehouse delivers a cloud-based procurement, and spend analysis platform with a highly intuitive user interface.
It offers a network of over 25,000 suppliers and an online catalogue of 17 million products.
Clients include Russell Group universities across the UK and NHS trusts as well as a number of private sector clients.
Mark Payton, chief executive of Mercia Technologies PLC, said: “Science Warehouse is a highly disruptive business with an industry leading platform. We are delighted to continue our support as it looks to expand further within the UK and to scale up for overseas growth.
“We believe there is a significant market opportunity for Science Warehouse’s leading platform and this latest investment from Mercia will help to drive expansion and further build on its extensive customer base.”
David Hames, founder and executive chairman of Science Warehouse Ltd, said:”Science Warehouse offers its customers a unique value proposition, combining a best-in-class SaaS solution with data management services, delivering better decision-making and substantial cost savings.
“With full supplier reach, we streamline buyer-supplier interactions and remove inefficiencies from the supply chain.
“There are exciting market opportunities for Science Warehouse both in the UK and overseas. This latest investment from Mercia recognises the considerable potential for us to expand our business in key markets and capitalise on the fast-growing interest in our solutions.”
