Fund investment secures innovation and growth
A specialist secure email and document delivery business is celebrating success just six months after securing a major investment deal that was provided by Rivers Capital and supported by commercial law firm Muckle LLP.
GCrypt Ltd, a Newcastle-based specialist software provider, received a six figure investment in November 2010. Now its innovative proposal for a pensions compliance application specifically for SMEs, has been shortlisted and rated as one of the top proposals on the Cabinet Officeâ€™s Innovation Launch Pad. If it is successful at the next stage, GCrypt could be one of just ten businesses to present its proposals at Whitehall in July.
GCrypt was one of a number of investments that Muckle LLP has worked on with Rivers Capital and the legal firm is currently working with the same venture capital company to complete investment deals for another two regional businesses.
GCrypt, based in Jesmond, approached Rivers Capital to secure investment from the North East Angel Fund and Muckle LLP handled all the main legal documentation on the completion.
Peter Robinson, partner at Muckle LLP, said: â€œGCrypt is one of just a number of successful investments completed by Rivers Capital with our support. This is creating jobs in the region and we are pleased to have worked on the legal aspects of each financial injection.
â€œWe are also delighted that GCrypt has been rated as one of the top proposals on Innovation Launch Pad and we are hoping that this innovative company will enjoy further success in this process.
â€œWe recently hosted an evening with North East Finance for Business Fund managers to review the first year of the Â£125million â€˜superfund.â€™ So far Â£18 million has been invested across the North East proof of Concept, Accelerator, Angel, Growth, Growth Plus and Technology funds, attracting Â£17 million private sector co-investment, safeguarding 560 jobs and creating 120 new ones. This is very good news against a background of austerity and public sector cutbacks.â€
Natalia Blagburn, Investment Executive at Rivers Capital, said: â€œWe received excellent support from Muckle LLP in negotiating and completing this deal. Everyone at Muckle is always so easy to work with.â€
Dawn Baker, head of Marketing at GCrypt, said: â€œThis cash injection is enabling us to develop this pension compliance software which should help us grow into new markets. Weâ€™re absolutely thrilled that our proposal has been shortlisted, and we are very much hoping that we will go forward through to the next stage.â€
Above photo: Peter Robinson (Muckle LLP) on left, Natalia Blagburn (Rivers Capital) centre front holding out DVD, Dawn Baker, Mike Robinson, Jon Armstrong and Claire Scott (GCrypt) from left to right.