Derbyshire-based fleet management software provider has secured a £1.5m funding boost to develop its cloud-based product and create 20 new skilled jobs.
Nathan Grace Holdings Limited, which trades under the Chevin Fleet Solutions name, secured the £1.5m loan from the MEIF Maven Debt Finance managed by Maven.
Based in Belper, Derbyshire, Chevin Fleet Solutions (Chevin) is the leading global provider of fleet management software solutions to customers in both private and public sectors, with offices in the UK, USA, Belgium, France, and Australia. Its flagship product, ‘FleetWave’, is used in more than 180 countries across multiple sectors to manage around two million vehicles and associated assets.
The "FleetWave" is a easy-to-use web-based application that helps businesses to manage and automate the complete lifecycle of vehicles and assets, within a single integrated fleet management system. The product aims to streamline processes, tackle inefficiencies and improve performance, as well as ensure compliance, reduce costs and mitigate risk.
Chevin has identified a growing demand for SaaS (Software as a Service) and plans to use the funding to support commercial opportunities and target the SME market on a global scale. The business is also planning to create 20 new jobs to aid its expansion.
Chevin’s client list includes Bentley Motors, Carlsberg Global Business Services, Verizon, and United Nations World Food Programme (UNWFP), this year’s winner of the Nobel Peace Prize. The company also recently secured a significant new contract with the US Government.
Jonathan Lowe, Investment Director for Maven, said: “We are delighted to provide Chevin with the debt funding to further expand its global reach in the growing fleet management software sector. Ashley has built a very strong team and we are confident they will deliver further success. This is one of the largest deals that Maven MEIF Debt Finance has completed in the East and South East Midlands and clearly shows that we remain open for business in the current climate.’’
Ashley Sowerby, Founder and Managing Director of Chevin Fleet Solutions, said: “We are delighted to have secured the MEIF funding and, in turn, the opportunity to expand our business horizons. This level of financial backing will allow us to strengthen our product range, broaden our client base, and enhance global opportunity. It will further define our footprint in fleet management.”
Lewis Stringer, Senior Manager at the British Business Bank said: “The MEIF is committed to improving the finance landscape for small and medium sized businesses across the Midlands. With over 400 investments already made, this latest MEIF funding package is on the higher end of our investment scale and of significant value – demonstrating the level of the fund’s support and enabling yet another business to unlock new growth.”
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