June 9, 2020 @ 11:45 by Richard Dawson
Sunderland technology company Clixifix has secured £300,000 investment to fuel business growth in vertical markets.
The funding comes from the North East Innovation Fund, which is supported by the European Regional Development Fund (ERDF) and managed by Northstar Ventures.
It will help Clixifix hire more staff to keep up with demand and develop new products and features for their expanding customer base.
The company is growing fast in the property and construction sector where its innovative software can track defects and repairs in houses and commercial buildings, from initial reporting to resolution.
Since launch, Clixifix has helped more than 60,000 users resolve over one million reported defects and repairs on 200,000 properties and projects.
James Farrell, managing director and co-founder of Clixifix, said: “We’re extremely proud to have closed our funding round with the help of the amazing team at NorthStar.
“The investment we have received will help us scale our services even further. We are looking to make new key staff appointments in the short-term and are working on product developments which will let us take on clients globally.
“However, our immediate focus is to get our platform into the hands of as many housebuilders and principal contractors as possible to help them digitise their aftercare processes and continue operating efficiently with stakeholders during, what has been a tough time for everyone.
“It is a massive sector we operate in with some very old systems in place. There are long-standing structural barriers that housebuilders and construction companies need to overcome in order to deliver a good aftercare experience.
“Our technology enables construction and aftercare teams to onboard in minutes and the process is entirely digital. Our expert team are on hand to provide support, resources and practical advice to help our clients through the transition.’’
Richard Charnley, investment manager at Northstar Ventures, said: “We initially invested in Clixifix in 2016 and have continued to be impressed by the team and growth of the business.
“They have firmly established their reputation as leaders in the sector and we’re delighted to be able to support the team with further funding that will help strengthen the team and help scale up the business.”
Weightmans partner Paul Wigham, who provided legal advice to Northstar on the deal, added: “The North East’s technology sector is one of the most productive and rapidly developing in the UK, and our team is busy supporting businesses from across the region as they grow and revolutionise the way we work or live.
“We are proud of our long standing relationship with Northstar Ventures and were pleased to have advised them on another successful funding round.
“We look forward to continuing to work closely with them and innovative companies such as Clixifix in what looks to be a bright future for the industry.”