Travel technology business going places with £500,000 finance boost
Birmingham-based travel technology business You. Smart. Thing. as attracted investment of £500,000 to help it further develop its platform, fuel sales and marketing activities and create 29 jobs in the Midlands by 2024.
The company has received £250,000 from the Midlands Engine Investment Fund Debt Finance, managed by Maven Capital Partners, backed also by £250,000 from the Coronavirus Business Interruption Loan Scheme.
The loan, alongside an Innovate UK grant (via West Midlands 5G) and private investment, will support the company’s expansion plans.
YST will use the funding to develop its existing Software-as-a-Service (SaaS) ‘Travel Assistant’ platform which allows consumers to plan their journey to a venue or event and is completely free to use via the organisations’ website, app or at the point of booking tickets.
By embedding the Travel Assistant into existing customer touchpoints, its licensees can offer up-to-date personalised travel assistance, manage travel demand and curate the visitor experience to destinations, venues and events.
Users are kept up to date in real time with any changes or disruption to their journey and are notified of alternative routes or travel options.
Alongside a UK wide roll-out and plans for international expansion, the team at YST are currently working with Coventry City Council on a bespoke Travel Assistant deployment for the 2021 UK City of Culture programme of events.
Jacob Gough, production director at Coventry City of Culture Trust, said: “The major events planned throughout our year as UK City of Culture will attract diverse audiences from the city and beyond. Effective travel planning is essential to help these audiences connect with our world-class programme. Working with ‘You. Smart. Thing.’ will help us make sure people travelling to, and around, Coventry will be able to do so both smartly and safely.”
The company is led by founder and CEO, Chris Thompson, whose career spans digital product development, marketing and technology.
He is supported by COO Andrew Steele, who has 20 years’ experience managing intelligent mobility software product development.
Thompson said: “The funding will enable us to continue to invest in our platform, which is tailored around optimisation of resources, improved customer service and access to data that enables better marketing and service delivery for destinations and transport operators. Thanks to the team at Maven, we are continuing our upward trajectory and look forward to extending our team to help us meet our goals.”
Sajid Sabir, investment associate at Maven Capital Partners, added: “Travel Assistant is an innovative product delivering a genuinely personalised travel experience. The business is backed by an experienced management team who have in-depth sector knowledge and technical know-how to drive the business forward and we look forward to working with Chris and the team as they execute their ambitious growth plans.”
