The Finance Durham Fund, established by Durham County Council and overseen by Business Durham, the business support service for Durham County Council, has invested £185,000 in Project Control Tools, as part of a £300,000 funding package.
The investment through Finance Durham, which is managed by Maven Capital Partners (“Maven”), will provide the business with a relocation package as it expands to open a site in County Durham, as well as allowing the business to invest in its in-house product development to grow its portfolio, and enhance its sales and marketing function.
Project Control Tools delivers intelligent software solutions to enhance the delivery and profitability of projects, primarily for the rail and construction industries. The company’s innovative technology solution helps Project Management teams to streamline day-to-day tasks by saving time and reducing project spend.
The business has developed two innovative platforms, SiteMate and StoresMate. SiteMate allows projects and businesses to digitise site and project management processes with the aim to aid compliance, monitor on-site performance and ensure safe and successful project delivery. StoresMate tracks the use of tools, consumables, and stock on projects – and adds traceability and accountability on the use of assets throughout the ownership or hire lifecycle. The platforms are already used by a number of high-profile customers including Network Rail, Balfour Beatty & Siemens along with businesses of all sizes throughout the supply chain.
Digital solutions and data capture are high on the agenda for large companies looking to gain a competitive edge in the sector and create operational efficiencies. The UK rail and construction sector was valued at £1.4billion in 2020. The sectors have an increasing need, for digitisation with the focus of making efficiencies in current paper-based systems. With Covid19 leading to offices being closed and remote working, digital solutions continue to be in demand.
Backed by a strong management team with a range of technical and commercial expertise, CEO and Co-founder, Fin Gregory, has a range of industry experience working in key roles delivering projects at Network Rail, Balfour Beaty and TXM Rail. James Staines, COO and Co-founder, has over 10 years of experience in project management and has previously worked as a Health and Safety Advisor for Holland America Group and TXM Rail.
Fin Gregory, CEO and Co-founder of Project Control Tools, said: “We’re really excited to close this investment round. We’ve worked really hard over the last few years to build our platforms, product awareness and loyal client base. Our main goal is to make the lives of our clients easier by offering easy-to-use, turnkey solutions which enable the immediate digital transformation of all site and project processes. The investment will allow us to accelerate our growth plan, adding to our account management, sales & marketing and development teams and looking at other pain points we can solve in the industry.”
James Staines, COO and Co-Founder of Project Control Tools, said: “It’s a fantastic achievement for the business to secure the round of funding through Maven, Finance Durham and our Business Angels. We are very excited to be given the opportunity to move forward with backing and continue our journey to what started from an idea on a piece of paper 4 years ago. We are grateful to our senior management team and our new investors for helping to make this happen.”
Peter Smith, an Investment Associate at Maven, said: “Project Control Tools innovative technology solutions make digitalisation easy for the rail and construction industries to remove paper processes from the site, streamlining efficiencies and saving time and cost. This is a great opportunity for the Finance Durham Fund to provide a growing software business with a relocation package to join the thriving technology space within County Durham. We look forward to working with Fin, James and the team as it embarks on a programme of growth.”
Cllr James Rowlandson, Durham County Council’s Cabinet member for resources, investment, and assets, said: “Through the support from Finance Durham, we can ensure enterprising businesses with dynamic ideas, like Power Control Tools, have the right means to move to County Durham, enabling them to thrive while creating and safeguarding more and better jobs. We look forward to welcoming them to County Durham and continuing to support them on their business journey.”
Sarah Slaven, Interim Managing Director at Business Durham said: “County Durham has a reputation as a home for innovative businesses. Finance Durham is just one of the ways we work to encourage entrepreneurship. By helping companies, like Project Control Tools, to access the growth funding they need, we can build on this reputation and create more jobs and opportunities. We look forward to working with James and the team to thrive in County Durham and achieving their ambitions.”