A grant of £15,000 to Derby based company Addvance IT Ltd. in 2014 has supported new investment and stimulated creation of local jobs. The investment from Derby Enterprise Growth Fund (DEGF) helped create a new website and software development to advance the company’s innovative payment interface solutions.

KAPPTURE is the brand name of the Electronic Point of Sale (EPoS) system developed by Addvance IT. It was the first UK owned EPoS system to use cloud based technology; a major step change in the industry making real time analytics available to customers. The new technology soon attracted major contracts with organisations such as Twickenham, Lords, The Jockey Club, Wimbledon and Murrayfield. The simplicity – the terminal software takes 25 seconds to install – and reliability offered by the system is critical for major festivals and events. No surprise then the prestigious Cheltenham Festival will take delivery of additional new terminals ready for the event in March.

The company’s growth has been driven by the four Directors: Neil Cox, Danny Syson, Neil Haran and Andrew Motley.

Andrew says: “It wasn’t possible to secure finance from the banks, so Neil Cox and I literally put our homes on the market to fund the project. We were delighted to receive grant funding from DEGF to help us add new modules and then take the product to market.”

From a two man team with vision and commitment to building a new company, Addvance IT Ltd. has grown dramatically. The initial target of two new FTE posts in the first year has been smashed and the team of sixteen continues to grow.

Employing young people with enthusiasm and helping to develop their skills has given the Directors a great deal of satisfaction.

Derby City Council Deputy Leader and Cabinet Member for Regeneration & the Economy Councillor Martin Rawson commented: “Our funding scheme is one of the most successful of its type in the country. We are very pleased to see how supporting this software development company in its early stages enabled Addvance IT Ltd. to grow so significantly.  I feel certain it will continue to create future employment opportunities for local people.”

DEGF is now entering a new phase with the distribution of £12 million of recycled loan funding. Applications are invited from businesses with plans for growth and job creation in Derby and Derbyshire. Further funding is being sought to enable this fantastic scheme to be extended to more businesses in Derbyshire in the near future.

To find out more visit: http://www.derby.gov.uk/degf alternatively call 01332 641628 or email degf@derby.gov.uk