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Publish Date : 04-Apr-2015

A Midlands based company that takes the lead in the financing and commercialisation of technology businesses in Britain, Mercia Technologies PLC, has invested an additional ÂŁ3.5 million in leading e-procurement platform, Science Warehouse Ltd. to raise its stake to 63% from 45%. This latest funding round will enable the business, whose business model is already profitable with 90% recurring income, to further boost its growth trajectory and global expansion.

Science Warehouse, which was founded in 2000 as a spinout from the University of Leeds, provides a cloud-based procurement, catalogue and spend analysis platform with a highly intuitive user interface, allowing the customer to control the procurement cycle from requisition to payment. It provides an over 25,000 supplier network and an online catalogue of more than 17 million products and services optimised for e-procurement, varying from office and scientific supplies to travel and catering.

CEO, Mercia Technologies PLC, Mark Payton, said : "Science Warehouse is a highly disruptive business with an industry leading platform. We are delighted to continue our support as it looks to expand further within the UK and to scale up for overseas growth. We believe there is a significant market opportunity for Science Warehouse's leading platform and this latest investment from Mercia will help to drive expansion and further build on its extensive customer base."

David Hames, Founder and Executive Chairman of Science Warehouse Ltd, added : "Science Warehouse offers its customers a unique value proposition, combining a best-in-class SaaS solution with data management services, delivering better decision-making and substantial cost savings. With full supplier reach, we streamline buyer-supplier interactions and remove inefficiencies from the supply chain. There are exciting market opportunities for Science Warehouse both in the UK and overseas. This latest investment from Mercia recognises the considerable potential for us to expand our business in key markets and capitalise on the fast-growing interest in our solutions."

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