TBiConnect (United Kingdom) - Dec 2007

unquote
01 December 2007

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YFM Group has led an investment of £365,000 into TBiConnect Ltd, a transactions processing service provider, in a first round of funding. YFM invested £330,000 in the round from its South West Ventures Fund, with the balance of the equity coming from incoming chairman David Rogers. YFM was attracted to the company due to the quality of the service engine, which has processed in excess of 3.5 million invoices in the past three years with zero transaction failures. The new capital will be used to invest in the infrastructure of the business, with a sales director already appointed as a result of the funding.

Company

Cheltenham-based TBiConnect controls and manages the exchange of electronic transaction documents between supplier and customer through a secure and fully automated online system. The service provides a quick and simple method of processing documents that removes the need for business paperwork, increasing operating efficiency and reducing administration costs to pence per transaction. The business was founded in 2003 and currently employs three full-time staff.

People

Nick Simmonds led the investment for YFM Group. As a result of the funding round David Rogers, formerly managing director of Amstrad Plc and Lucent EMEA, has joined the company as chairman and Stuart Noakes, founder and chairman of Transition Consulting Ltd, has joined the board as a non-executive director.

Advisers

Company - BPE, Guy Hopson (Legal)Equity - Veale Wasbrough, Neena Mallord (Legal)

Sourced from: UK & Ireland unquote" 360 (Jan 2008)