Envestors members invest in eReceipts

RNS Number : 4966T

Braveheart Investment Group plc

14 December 2012

 



14 December 2012

Braveheart Investment Group plc

Envestors members invest £300,000 in eReceipts as part of

£1m second round funding

Envestors Limited, the award-winning private investor network dedicated to helping investors source dynamic companies in need of growth capital, has raised £300,000 for Paperless Receipts Ltd ('PRL'), as part of its £1m second round fundraising.

PRL is the company behind eReceipts, an electronic solution to the problem of managing, storing and retrieving receipts. eReceipts are created and collected from retailers' point of sale systems and held in the cloud for access by consumers through their mobile or web devices.

PRL has already signed up over 110 independent stores as well as its first "multiple" in DFS, the UK's leading furniture retailer.  The technology is also being deployed in one of the UK's leading supermarkets, rolling out in April 2013.  The company has also entered into an agreement with the UK's lowest cost payment gateway, giving its 1,000 online retailers immediate eReceipts functionality. The eReceipts Board is chaired by Lord Ian MacLaurin, former Chief Executive of Tesco and former Chairman of Tesco and Vodafone.

Envestors contributed to an earlier fundraising round for PRL, of £500,000, in November 2011.

Oliver Woolley, Founder Director of Envestors, said: "The PRL team have achieved each of their targets since we first raised money for them and members of our network were keen to be involved in eReceipts, a concept now turned into reality and one which might just prove to be a game-changer."

Andrew Carroll, CEO Paperless Receipts Limited (trading as 'eReceipts'), added: "This additional funding puts us on the front foot, enabling us to achieve the next stage of growth. The fundraising ability and responsiveness of the Envestors team have been a great help to us and we look forward to working with them again at our next round in 2013."

Envestors is a wholly owned subsidiary of Braveheart Investment Group plc ('Braveheart' or the 'Group') (BRH), the AIM-listed investment management group specialising in venture capital investments and investment services to business angels, high net worth individuals, family offices and public sector organisations.

Further information:

Braveheart Investment Group plc

Geoffrey Thomson, Chief Executive [e-mail]

Tel: [phone]

Merchant Securities Limited (Nominated Adviser and Broker to Braveheart)

Lindsay Mair Catherine Miles

Tel: [phone]

Envestors Limited

Oliver Woolley, Managing Director [e-mail]

Tel: [phone]

eReceipts

Andrew Carroll, Managing Director [e-mail]

Tel: [phone]

Media enquiries:

Allerton Communications

Peter Curtain [e-mail]

Tel: [phone]

Notes to Editors

Braveheart Investment Group plc

Braveheart provides financing and associated advisory services for small and medium sized enterprises (SMEs) as follows: 

For the company looking to raise money, we provide:

·     Equity capital.  This form of financing is typically long term and is usually appropriate for fast growing businesses or early stage companies.  We will consider equity financings where our individual investment, or the investment we arrange, would normally be a maximum of £2m although we are happy to participate in larger financings as part of a syndicate;

·     Debt finance.  Short to medium term and for companies with cash flow to service the loan.  Our unit size for this type of finance is up £1m and we will usually provide junior debt which is unsecured but linked to an equity instrument;

·     Corporate finance advice on all aspects of raising money, strategic development and corporate governance.

The money we invest comes from a variety of sources (see below) and is sometimes linked to particular geographical locations.

To the investor, we provide a one stop shop service to those in one of the following groups who are looking for exposure to SME investments:

·     High net worth (HNW) individuals looking to build tax efficient Enterprise Investment Scheme (EIS) and Seed EIS portfolios;

·     Family offices and private sector institutions;

·     The Public sector.

Investors can choose between investment types ranging from self-build portfolios, to a full fund management service.

We have offices in Perth, London, Yorkshire, Manchester, Belfast, Jersey, the Isle of Man and Dubai. 

www.braveheartinvestmentgroup.co.uk

Envestors Limited

Envestors enables investors to source dynamic unquoted companies in need of growth capital.  Comprising high net worth private investors, family offices, funds and venture capital sources, its network has helped over 65 companies raise in excess of £25 million, the majority of opportunities attracting taxation benefits under the Enterprise Investment Scheme (EIS).

Services to companies include intensive preparation for fundraising, initial due diligence and screening, facilitating corporate fundraisings through in-demand investor presentation events and face-to-face meetings with potential investors, and placing of non-executive talent.

Envestors was awarded the "Private Investor Network of the Year" at Investor Allstars in 2009 and again in 2011 and is a wholly-owned subsidiary of Braveheart Investment Group plc.

www.envestors.co.uk

 

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