Albion leads £3.2m round for SEP-backed Exco

Founding investor Scottish Equity Partners (SEP), which remains the company's largest backer, also took part in the round.

The business will use the fresh capital to support operational development in preparation for increased sales.

Albion stated it was attracted to the company by the fast-growing healthcare IT sector and its client base.

Company
Headquartered in Nottingham and founded in 2004, Exco is a provider of software used by pharmaceutical companies to record information about patients of clinical trials. It reduces costs associated with the process by making use of patients' own mobile devices.

Exco's product has been used by around 900,000 patients across 88 countries. The business has a headcount of 75 and additional sales offices in the US and Canada. It increased its turnover by 66% in the last financial year.

People
Andrew Elder is a partner at Albion Ventures. Jan Rutherford is a partner at SEP. Tim Davis is founder and CEO of Exco.

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• Topics
• Expansion
• Technology
• UK / Ireland
• United Kingdom
• Albion Ventures
• Scottish Equity Partners