Cloud retail tech specialist clinches £750k funding boost to drive £1m growth plans
A Cumbrian cloud retail systems provider has been handed a £750,000 investment by the Northern Powerhouse Investment Fund.
Citrus-Lime, based in Ulverston and also with a Manchester office, will use the injection to drive its UK growth.
The loan is from NPIF-FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment Fund.
Citrus-Lime is a supplier of cloud-based EPOS systems in the UK. It provides an end-to-end software solution to independent cycle, outdoor and equestrian retailers. To date, it has processed £2bn of clients’ revenue through its cloud POS platform.
As well as the UK, Citrus-Lime supplies Cloud POS to retailers in Ireland, Spain and Germany. In 2022, Cloud POS launched in America and has since been adopted by a number of US cycle retailers.
Neil Wright, Citrus-Lime director, said: “The funding received from NPIF and FW Capital will facilitate further investment in our technology. It will also be invested in growing the talent pool at Citrus-Lime. Both will improve our standing in the UK retail technology market.
“In addition to the NPIF-FW Capital’s investment, we’ve committed £300,000 of our own money to help our plans come to fruition.
“This is an exciting time for Citrus-Lime. We’ve gone from a very humble beginning to a multimillion-pound business and we don’t intend to stop there. We have huge ambitions and the investment will secure the next stage of our development.”
The investment was provided by Andy Traynor, senior investment executive at FW Capital. Jennifer Grabowski at Oglethorpe, Sturton & Gillibrand introduced the Citrus-Lime management team to FW Capital.
Andy Traynor said: “Citrus-Lime is a fantastic company that is driving innovation in its sector that is supported with its ambitious growth plans.
“This investment demonstrates how funding from NPIF and FW Capital can make a real and measurable difference to businesses in Cumbria. We can provide funding to software and IP-rich companies that don’t have tangible assets to lend against which can have a significant impact on future growth in this sector and in turn helps create a more prosperous regional economy.”
Steve Curl, Cumbria-based member of NPIF’s Strategic Oversight Board, said: “As the leading supplier of cloud-based EPOS systems in the UK, Citrus-Lime has continuously demonstrated its ability to drive innovation.
“This investment will not only fuel the company’s UK growth but also contribute to the overall advancement and resilience of the technology industry, both domestically and internationally.”