Foresight Group has invested into Postworks Limited on behalf of the Midlands Engine Investment Fund (MEIF). This mark’s Foresight’s third MEIF investment since its launch in February.
Postworks is an online franking company providing small and medium sized businesses with a software-based alternative to franked business post.
The Northampton-based company was launched late 2016 by James and Marvee-Lisa Booker. With their experience in the print, mail and media sector, they identified an opportunity to improve upon and disrupt the traditional franking model, using technology to deliver scalable mailing services to the SME sector.
Foresight’s investment from MEIF, will support the continued growth of the company with the recruitment of additional staff to add to their product development team. Over the next five years Postworks plans to open eight strategically placed print centres to reduce the transport of physical mail items and take steps to making post a more environmentally friendly communication channel.
Additionally, funds will be used to enable focus on operational development and the creation of new technologies to increase production capacity.
Simon Moate has joined the business as Chairman. Simon has over 15 years’ experience working with SMEs operating in business support services and was formerly CEO of Office2Office Plc, a diversified business services group.
Explaining the implications of this investment James Booker, Founder and Commercial Director of Postworks, said: “We are removing the barriers that the SME market face when sending post, like long franking contracts and complicated pricing structures. More importantly, we are giving the postal industry a much-needed push into the digital age and we are looking forward to working with Foresight and the wider team on this.”
Commenting on the deal completion, Rodney Appiah, Director at Foresight Group, said: “We are very pleased to have made this investment into Postworks and look forward to working with James and Marvee-Lisa to scale this innovative and disruptive technology business. Postworks is a great fit for the Midlands Engine Investment Fund and a good example of the vibrant start up community in Northampton.”
Grant Peggie, Director, Venture Capital Solutions at British Business Bank, said: “This MEIF investment by Foresight in Postworks is further evidence that the East and South East Midlands is a growing digital technology cluster. We are pleased that MEIF investment is supporting an increase in skilled staff and their wider growth aspirations.”
Malcolm Johnston, Growth Hubs Manager, South East Midlands LEP said: “We met James when he contacted the Growth Hub and later joined our Investment Readiness Masterclass. It’s clear that business systems and processes are part of Postworks’ life-blood and the firm is constantly innovating and developing its own systems as a result.
“Postworks is an incredibly switched on business, having already grown significantly, and with more to come. It is definitely one to watch. Clearly the fund managers think so too.”