BuyingStation, a procurement technology company based in Reading, has secured a £500,000 investment to advance its platform and boost subscription sales.
Launched in 2016, BuyingStation offers a cloud-based platform for contract and supplier management, e-tendering, project pipelines, and spend tracking, and currently serves over 1,500 users. The funding was provided by the Thames Valley Berkshire Funding Escalator, with The FSE Group acting as the fund manager.
Kavita Cooper, founder and chief executive of BuyingStation, commented: “We are excited to secure this funding, which is supporting our mission to promote purposeful procurement – helping more businesses have a positive impact on people, the planet and increasing profits. In FSE, we have found a funder able to invest in our growth potential. We look forward to working with Cheryl and the team.”
Cheryl Weeks, head of funds for the South East at The FSE Group, added: “With its targeted approach and dedication to tech innovation, BuyingStation is poised to drive sustained success in the world of procure tech. A future equity raise will accelerate the technology roadmap and position the company as the leading tech-led procurement solution for high growth mid-size businesses in the UK and beyond. We are delighted to provide the finance they need to be in the strongest position to accelerate growth.”
Mike Reeves, a partner at EY in the South East, facilitated the introduction between BuyingStation and The FSE Group. He said: “While working with BuyingStation on their upcoming equity raise, we advised that introducing debt funding to accelerate platform development could position them to secure equity investment at a higher valuation later in their journey. We were pleased to have made the introduction to FSE who are a strong funder for deals where traditional high-street lending criteria may not be a match.”
The Thames Valley Berkshire Funding Escalator is an £11.3 million initiative funded by The Skills and Business Hub (formerly Berkshire LEP). It provides business loans of between £50,000 and £500,000 for activities that are expected to deliver high-growth and employment opportunities.
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