CitNOW secures multimillion-pound funding packageLast updated on: September 14, 2016, Author: R Sahota
Video technology specialist CitNOW secure a multimillion-pound funding package from Santander Growth Capital.
Named in 19th place on the Sunday Times Hiscox Tech Track 100 list, CitNOW is embarking on its next phase of growth after working with BHP Corporate Finance to obtain the Santander finance.
The company provides video apps for the automotive industry, to encourage sales and to help with after sales. Today, around 80 people work at CitNOW and the company operates in many international markets, including 16 European markets, Australia, the Far East and the US.
With offices in Manchester, Wokingham and Stirling, the business works with 91 of the top 100 UK dealer groups and 31 manufacturers.
The fundraising will enable the company to take advantage of global demand driven through existing manufacturer relationships.
Funding was provided by Santander Growth Capital in Manchester alongside a new equity investor and Hamish Morrison, a partner at BHP Corporate Finance, guided CitNOW through the process.
“I was very pleased to help CitNOW secure a funding package that will allow it to roll out its solutions to even more countries,” said Morrison.
“We approached funders that have a specific appetite for this type of opportunity and we’re delighted to be working with Santander Growth Capital as CitNOW embarks on its next phase of growth. CitNOW has already become synonymous with ‘video’ in the UK automotive sector with global leadership fully expected to follow.”
CitiNOW chief executive Alistair Horsburgh added: “Our recent funding round means we can focus on developing our manufacturer relationships in other markets.
“We expect our rapid growth to continue, with no shortage of opportunity based on the immediate and profound effect that CitNOW has on every dealer’s business.”
The Sunday Times Hiscox Tech Track 100 names the fastest-growing privately owned tech companies in the UK.
Andrew Howells, founder and chairman at CitNOW, said: “Our first entry to the Sunday Times Hiscox Tech Track 100 in the top 20 follows the establishment of CitNOW in Europe.
“It’s a reflection of the positive response to our video technology in automotive sales and the aftermarket.”