Foresight Group LLP, an independent private equity and infrastructure investment manager, has made a £500,000 growth capital investment into Selazar Limited, a logistics management software business, set to open a new base in Leicestershire.
The investment has been made using finance from the Midlands Engine Investment Fund (MEIF) and is part of a £1 million funding round led by Foresight and supported by Invest Co-Fund NI and private angel investors.
Selazar will use the investment to open a new office in Castle Donington, Leicestershire. The base is positioned in an area with a strong logistics presence and brings closer access to the large SME retailer market and its fulfilment partners.
Originally established in Belfast, the firm aims to service the 100,000 SME e-commerce retailers in the UK, each processing up to 40,000 product sales and returns per month. Selazar has also partnered with ICS, based in the West Midlands, to bring Selazar’s technology to ICS’ own retail clients.
Adam Huckerby, Investment Manager at Foresight, said: “We are pleased to be working with such a vibrant and dynamic company with the potential to transform and add value to a large, growing market. We have been impressed by the rapid progress made by the management team and we are looking forward to supporting the continued growth of Selazar over the coming years.”
Jack Williams, CEO at Selazar, added: “We are delighted to have the support of Foresight, MEIF, Invest Co-Fund NI and our other investors. We are at a really exciting stage in our growth, with our platform now successfully supporting fulfilment centres, couriers and retailers across the UK, delivering thousands of parcels a week. We have a huge opportunity to scale ahead of us, and we are now very well placed to accelerate our growth.”
Grant Peggie, Director at the British Business Bank, said: “It is great to see that MEIF funding is supporting Selazar’s decision to open a new base in Leicestershire and recognition of this strategically important location in maximising the emerging opportunities within the e-commerce sector. MEIF is supporting growth across the Midlands and we would encourage other expanding companies to explore whether MEIF funding is suitable for them.”
Kevin Harris, Chair of the LLEP Board of Directors, said: “MEIF’s commitment of £500,000 to Leicestershire-based software company Selazar is another great example of forward-thinking investment in the future of our economy. Logistics is a key industry in Leicester and Leicestershire, and Selazar provides software solutions to logistics firms that keep them moving in this incredibly fast-paced sector. This MEIF investment will ensure that Leicestershire remains the destination for logistics businesses at all points of the supply chain.”