Stratum, an Irish based provider of low cost logistics and workforce management software systems, has raised €240,000 in private equity investment, which it plans to use to fund its growth over the next 12-18 months.
The company, founded by ex Trintech workers in 2008, spent the first 12 months working on market research and R&D, and since the product launch in early 2009, says that it has won business in courier, freight and hub companies,
It used the Irish Investment Network, a web based platform for pitching to private equity investors, to raise the money. The investment will now allow them to develop their sales effort into sectors such as the recycling waste and document shredding sector, environmental management, Hygiene and Sampling, and Field Service and mobile workforce management sectors.
Greg Kelly, co-founder and CEO, said: "The funding will allow us to market Stratum aggressively and take advantage of the market lead we have established. We expect this funding to allow us to grow beyond the Irish market and establish a solid footprint in the UK over this same period."
He added: "The investment is a key milestone in the business plan to grow Stratum into an international trading company. The scale of the opportunity for the Stratum product range is significant in Ireland, the UK and the wider markets of the US and beyond."
Stratum was developed to address the real need for businesses to significantly reduce the administrative overhead and paper work that dominates so many companies. They claim that their customers are already seeing the benefits of deploying modern applications that deal with the real problems of administration and paperwork, and are reporting a measured Return on Investment within 3 to 6 months.
Kelly continued: "Our existing client base testifies to the scale of the problem caused by administrative paperwork. Our platform is so flexible, that we are finding new markets for the product all the time and with such a quick RoI it makes an extremely strong business case to any company seeking significant cost reduction whilst maximizing operational efficiency."
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