TRI Cap Goes for a Second Round with Factonomy

A second round funding package of £320K has been secured by Factonomy, predominantly from TRI Cap and the Scottish Investment Bank’s Co-Investment Fund together with Barwell plc.  This follows an initial investment led by Sigma Capital Group in June 2009.

Established in 2003, Factonomy uses its Framework server-side runtime engine to enable enterprise organisations and their systems integration partners to take a strategic approach to the development of tactical web-based applications. Use of the Framework reduces both cost of development and time to implementation by an order of magnitude that makes its adoption compelling for large distributed organisations with multi-million, and often multi-billion, dollar budgets.

Founder and CEO Graeme Bryce commented: “The initial investment ultimately enabled the company to achieve some significant milestones in the last 12 months, including the worldwide adoption by a leading US global bank of a Business Continuity Management (BCM) application developed using the Factonomy Framework. Factonomy is now listed by Gartner as one of the top 10 global BCM companies and is on the verge of signing a contract with a second major international bank for development of a similar application, with others in advanced stages of negotiation in banking and non-banking sectors.

“In addition to these direct customers, Factonomy is also building strong relationships with a number of global Systems Integrators to provide a significant indirect channel to market.”

TRI Cap member Tom Hart, who has joined the board as non-executive Investor Director for TRI Cap and Barwell, having been TRI Cap’s board observer since March 2010, said “This latest tranche of funding will enable Factonomy to strengthen sales and support resources to ensure capacity can match the demands of its growing customer base.”

TRI Cap chairman Robert Dick said: “Factonomy has now started to build real momentum which has encouraged our members to commit to this second funding round.”

END

March 2011

Notes to editors

The Scottish Investment Bank is a division of Scottish Enterprise which operates Scotland-wide, in partnership with Highlands and Islands Enterprise. It operates a suite of funds including; The Scottish Seed, the Scottish Co-investment, the Scottish Venture and the Scottish Loan Fund to support Scotland’s SME funding market to ensure that businesses with growth and export potential have adequate access to growth capital.

Issued on behalf of TRI Cap by Eileen Prior, PR Consultant.
For further information contact Eileen Prior on 07802 180412, or email priorpr@btinternet.com

Visit www.tricapital.co.uk for more information.


 

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