A Newcastle tech company whose software allows businesses to create their own mobile apps has raised £1.2m to further develop its product and expand its team.
Nutshell Software has secured investment from two funds managed by Mercia – the Northern Venture Capital Trust (VCT) Funds and the North East Venture Fund (NEVF), which is supported by the European Regional Development Fund.
Nutshell’s software offers a simple way for businesses to create their own fully functional mobile apps in minutes – with no coding necessary. Launched in 2017, it is already being used by many public and private sector organisations including Network Rail, Siemens, Northumbria Police and the NHS. The company, which currently employs 12 staff, expects to create around 40 new jobs in the next three years.
Nutshell was launched by serial entrepreneur Martyn Cuthbert, a former civil engineer who recognised the potential of new technology while working in the rail sector. His launched his first IT business OnTrac in 2007 and sold it to Tracsis plc in 2016.
Martyn hopes that Nutshell will make mobile apps accessible to organisations of all sizes.
He says: “With 3.5 billion smartphones worldwide, mobile apps are an effective way for public and private sector businesses to roll out their services to a wide audience. Nutshell makes mobile app development easy and will help businesses large and small to drive innovation and growth.”
Aaron Lawson-Clark and Jan Oosthuizen from the Mercia team led the deal. Aaron said: ““Nutshell stood out with both a market-leading product and a management team with experience in building a successful software company. Mercia is pleased to be backing another fantastic business in the North East of England.”
Square One Law provided legal advice to Mercia on the deal.
NEVF can invest up to £1.0million in any one round for firms in Northumberland, Durham and Tyne & Wear, particularly those which are engaged in innovation or developing disruptive business models. Funding is available to all companies with high growth potential and also pre-start enterprises.
The Northern VCTs, which provide series A venture investment of up to £5million for high growth SMEs, are amongst the longest-established funds of their type in the UK.