Tees technology firm Communicate Technology is planning further growth after receiving a £500,000 investment boost from the Northern Powerhouse Fund.
The fast-growing company has surpassed projections year on year, listed for the second year running as one of the fastest growing companies in Europe by the Financial Times, named as ‘one to watch’ by the Telegraph and listed as one of the top 50 best companies to work for in property by Property Week.
The £500,000 investment, from NPIF – FW Capital Debt Finance, part of the Northern Powerhouse Investment Fund – will see Wynyard-based Communicate expand services into an additional 35 buildings and create new jobs in the Tees Valley.
Konrad Rutkowski, the firm’s finance director, said: “We’ve gone through a huge growth phase very quickly which has resulted in doubling our revenues.
“We reached out to FW Capital as we needed funds to complete the work plan to hire additional staff and kit.
“They understood what we wanted to achieve and had more flexibility than some of the more traditional lenders who look at immediate profit in projects, whereas FW could take a longer-term view.”
CEO Tony Snaith said: “In the next 18 months, we’re looking to connect another 35 buildings with our services.
“The £500,000 investment has been a crucial aspect in developing our growth plans, which will result in recruiting around 10-15 new staff members in the Tees Valley to fulfil those obligations.”
Tees mayor Ben Houchen added: “This investment by the Northern Powerhouse Investment Fund is a testament to the hard work of everyone at Communicate.
“The Tees Valley is known the world over of steel, heavy engineering and chemicals, but we are so much more than that. To see digital services firms expand just shows how much potential there is in our region.
“This investment is a vote of confidence in the whole Tees Valley and our skilled workforce.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.