Tech firm getting Seriös about growth goals with North East Fund investment
Uploaded by Suzanne Smith in Recent Investments, Growth Capital Fund on December 19, 2023
A North East technology consultancy is aiming to treble its workforce by creating 100 new jobs over the next three years after securing a six-figure North East Fund investment.
Seriös Group is a boutique data and test solutions provider which designs, delivers and manages bespoke solutions for large corporate clients and private sector enterprises which provide them with the insights they need to meet specific operational and commercial outcomes.
After working with regional fund management firm NEL Fund Managers to bring in the investment from the North East Growth Capital Fund Supported by the European Regional Development Fund, the Newcastle-headquartered business is now preparing to fully launch its own purpose-built data platform accelerator, Seriös One.
The new platform provides the foundations and capability to turn enterprise and Internet of Things telemetry data into business insights, analytics and solutions that meet specific client requirements.
Around 15 new jobs are expected to be created through 2024, with a further 85 to follow over the ensuing two years as the business grows.
Headquartered at Hoults Yard and with a subsidiary office in Glasgow, Seriös Group was set up at the start of 2020 and operates to a remote working hybrid model, with most of its expert team based around the North East.
It works across all industries, but has built up particular expertise in the commercial property and facilities management sectors through its work with data generated by ‘smart’ buildings.
Seriös Group already has a strong presence right across the UK, and is now looking to add further major corporations to its impressive client portfolio.
The business also operates overseas and is aiming to scale up its international presence as part of its growth strategy.
Earlier this year, Seriös Group allocated 17.5 per cent of its shares to its employees, to give them a personal stake in the future success of the business.
NEL Fund Managers was recommended to the Seriös Group management team by the firm’s non-executive chairman, well-known regional entrepreneur Neil Stephenson.
Lee Rorison, CEO and co-founder at Seriös Group, says: “Launching the business at the start of the pandemic created a situation that we obviously weren’t expecting, but it helped to firmly establish that the remote delivery of our services worked extremely well and we’ve maintained this working model ever since.
“We work with clients to understand the outcomes that they want to get from our involvement and then design bespoke solutions that do precisely that for a fixed cost and in a shorter timescale than our competitors can provide without impacting quality.
“The new Seriös One platform helps businesses make data-driven decisions with an initial focus on energy efficiency and space utilisation to drive down costs, and we’re excited by the potential it has to make a substantial difference to our commercial performance.
“Trebling the size of our workforce by creating 100 new jobs over the next three years is an ambitious target, but we’re extremely confident that we have the products, services and resources that we need to achieve it.
“The investment model that NEL offered and the speed at which it could be delivered fit perfectly with our need and we enjoyed a very positive relationship with the team from our very first conversation.”
Jane Siddle, Senior Investment Executive at NEL Fund Managers, adds: “Seriös Group has made extremely impressive progress over a short period, with the value of the solutions and insights they provide being clear in the commercial success it is enjoying.
“The management team has a clear plan for growing even more quickly over the next three years and we’re very pleased to be part of it.”
The North East Growth Capital Fund has been designed to create around 790 jobs in more than 70 regional firms over the life of the programme and offers unsecured investments of up to £500,000 to established businesses looking to realise their growth potential.
The overarching £130m North East Fund will provide financial support for more than 600 businesses, creating around 2,500 jobs and delivering a legacy of up to £80m for further investment into the region.
NEL Fund Managers is also responsible for managing the £9m North East Small Loan Fund, which typically offers loans of up to £100,000 to businesses in Tyne & Wear, Durham and Northumberland.
For more information about NEL’s investment criteria, visit www.nel.co.uk or contact the investment team on 0345 369 7007.