New funding package will support growth of software firm’s new technology

A £650,000 funding package for Cheshire-based automation software provider, Traverse Associates, takes total support from the Northern Powerhouse Investment Fund to more than £1m.

Traverse has secured the additional £650,000 investment as part of a larger funding round.

This investment includes commitment from Management and seasoned travel professional Mal Barritt, Chairman at Traverse and current CEO at Traveltek.

The funding comes from NPIF-Maven Equity Finance, managed by Maven Capital Partners and part of the first Northern Powerhouse Investment Fund.

Traverse received a £500,000 investment from NPIF-Maven Equity Finance in September 2023.

Established in 2007, Preston Brook-based Traverse supplies intelligent automation solutions to the travel and wider leisure sector. Its services help businesses streamline back-office tasks, saving time, effort, and money for their customers.

Traverse has seen strong performance, expanding its customer base, more than doubling its annual license fees, and making several key appointments to strengthen its outbound sales, development, and finance functions.

This latest funding round will accelerate the growth of Cognitive Flow, Traverse’s new proprietary Intelligent Automation technology.

Sold on a consumption model, Cognitive Flow enables the adoption of affordable intelligent automation across both SME and enterprise markets.

Tom Parton, Investment Manager at Maven, said: “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.”

John O’Neill, CEO at Traverse, said: “Our business has expanded in a way that wouldn’t have been possible without the funding and advice from Maven.

“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.”

Advisors on the deal were Browne Jacobson (Maven) and Ward Hadaway (Traverse).