Barclays finance scheme helps Leicester-based company to grow
A Leicester-based software company has recently received funding from Barclays, enabling it to go ahead with plans to grow.
Synety Group, a specialist software firm that provides cloud-based computer telephony integration for lawyers, accountants and recruitment companies, has secured a £900,000 loan as part of Barclays’ finance and innovation scheme.
The initiative, which is backed by the European Investment Fund (EIF), provides financing of up to £5 million for innovative companies that “promise high-growth.”
Synety Chief Executive Simon Cleaver said: “This facility gives the company further capacity for its growth strategy.”
He added that it is “very refreshing” to be working with an organisation that “understands the needs of a fast-growing technology business.”
Originally set up in 2012, Synety has gone on to achieve success, with revenues rising to £3.33 million last year. This gave the company a cash balance of £1.58 million at the end of the year - but it is yet to make a profit.
Cleaver stated that the company is now focusing on “larger customers, key partners, cash generation and reaching break-even.”
“As this more focused strategy continues to feed its way into the business, we are encouraged by the improvements that we are witnessing,” he said.
He added that “concentrating on a limited number of strategic partners” and “targeting sweet-spot customers” is enabling the company to “develop stronger relationships” and provide a better experience for customers.