Authenticate Information Systems, a Harrogate, UK-based technology platform for food businesses to manage their supply chain, secured a new funding round of £2.3m.
The round, which brought the total amount raised by the company to over £5m, included:
– £1.5m from the NPIF – Mercia Equity Finance, and
– the remainder from existing shareholders including Summit Alpha.
The company intends to use the funds to double the size of its software and data research teams, creating 10 new jobs in Harrogate.
Founded in 2013 and led by CEO Paul Marples, Authenticate provides a technology platform for food businesses to manage their supply chain, to track ingredients right back to the source and ensure they comply with all relevant standards. The platform offers real-time compliance dashboards and benchmark analytics, and provides a way for them to monitor their supply chain in respect of food safety, environmental, ethical and social measures.
The company already works with five of the top UK supermarkets and many global hospitality groups, and has more than 20,000 food companies worldwide registered on its database, including more than 75% of the UK’s food manufacturers.