Propeller Holdings Ltd, a Peterlee, UK-based supplier of specialist procurement and inventory management systems, has received a £750k equity investment from the FW Capital’s North East Growth Plus Fund.
The company intends to use the proceeds from the investment to further develop its technology, refine products and services, and roll out its Pro-Vyda inventory control system, which is designed to offer measurable cost and efficiency savings to large multi-site manufacturers.
Propeller aims to expand in Europe and double its turnover in the next two years.
Established in 2001 and led by CEO Tony Goodwin and Managing Director Carl Brookes, the company plans to secure a number of new deals with large UK and European manufacturing companies to grow its customer base, which currently includes manufacturing companies in the automotive, aerospace and food sectors.
Clients include TRW, Intersnack and Sony.