A Derby company has secured grant funding from Derby Enterprise Growth Fund – enabling it to fast track the development of an innovative mobile payment and promotions system called Kappture.
Addvance IT, based at Derwent Business Centre, has devised the system which is currently being used in the retail and hospitality industry. Applications so far include university students paying for catering using the QR code on their mobile phones and employees at large organisations redeeming promotions, ordering and paying for lunch using the Kappture mobile app or customer website.
The company has been awarded a £15,000 grant from DEGF towards a £75,000 investment programme to further develop the software and expand its uses. With a growing customer base, Addvance IT plan to recruit a further software designer and a customer support technician over the coming months.
Commercial Director Andrew Motley, who has worked in the IT and hospitality industry for 25 years, explained: “Support from DEGF has enabled us to fast track the next phase of our development required to take this technology to the next level and expand our customer base.
“As well as creating jobs, we will be investing in marketing materials such as a graphic animation brochure and new website and are talking to local companies and to the University of Derby to support us with that.”
The £20 million DEGF is supported by the Government’s Regional Growth Fund and run by Derby City Council. DEGF aims to support the growth and job creation at businesses in Derby and the surrounding area through a mix of loans and grants.
Richard Williams, a member of the DEGF panel of industry and financial experts who consider applications, added: “Relatively small amounts of money can be crucial to product development at key stages in a business’ life.
“DEGF is therefore an important source of funding for smaller businesses who are breaking new ground in these high tech markets but who often struggle to find support from traditional high street lenders.”
Applications continue to be welcomed by Derby City Council. To find out more visit: www.derby.gov.uk/degf. Alternatively call 01332 641628 or email email@example.com