An award-winning provider of fleet scheduling technology is creating jobs and targeting new markets after receiving a funding package worth over £2m from Clydesdale Bank.
Route Monkey, which is headquartered in Livingston, West Lothian, and has an office in Gateshead plans to grow its workforce of 30 by a third over the next three and a half years. Most of the new jobs will be based in Scotland.
The firm is also seeking to expand overseas. It is already working with some existing partners to provide vehicle routing services in Germany, the US and Hong Kong.
The business – a new customer of Clydesdale Bank - has received £2.25m in facilities from the Bank to deliver its ambitious growth plans.
The funding has been provided via Clydesdale Bank’s Growth Finance team – a specialist UK-wide team which provides lending for innovative and rapidly expanding businesses. Growth Finance is specially tailored for businesses with strong intellectual property portfolios with existing venture capital.
Incorporated in January 2009, Route Monkey provides comprehensive scheduling and routing software services. Its clients include Shell, BMW and supermarket chain Iceland, which has adopted Route Monkey’s scheduling technology across its 800 UK shops. Route Monkey estimates that its technology can generate savings up of up to 20% for customers by lowering fuel bills and administration costs. Its services also reduce customers’ carbon emissions, helping clients to meet stringent environmental targets.
The company has additionally developed unique software that helps businesses to integrate electric vehicles into their fleets by accurately modelling the best roles and routes for them. The product is now recognised as an industry leader and has won a number of awards, including best in the innovation and technology category at the recent Fleet Hero Awards.
Last year Route Monkey achieved net profits of approximately £1.1 million, compared with £400,000 in 2013 – amounting to a year on year growth of 175%. The business is one-third owned by the North East Technology Fund, which has invested over £1 million in Route Monkey.
Colin Ferguson, director of Route Monkey, said: “Clydesdale Bank’s flexible funding will allow us to grow significantly over the next few years. In addition to creating new jobs and increasing our geographical footprint out with the UK, the funding will also enable us to invest further in our technology and continue to deliver innovation across the fleet industry.”
Sandra Hope, Director of Clydesdale Bank’s Growth Finance team, said: “We welcome the opportunity to support Route Monkey, whose advanced route optimisation technology is helping the fleet industry to reduce costs and improve performance.
“Route Monkey is another example of the Growth Finance team supporting businesses with strong revenue growth and intellectual property assets. We’re pleased to support this business and its experienced leadership team.”
In recent months, the Growth Finance team has helped a number of its customers achieve successful exits, including the sale of Stirling-based Cascade Technologies to the New York Stock Exchange listed technology and engineering giant Emerson.