A Hull-based software business has raised £100,000 from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II), to support its growing workload.
Think360 has secured over £1m worth of new contracts in the past few weeks and has over £4m of other potential new business in the pipeline. The funding will provide additional working capital to enable it to take on more projects and expand its team with the creation of three new jobs.
Think360 was established in 2018 by Martin Lauer, who is also CEO of The One Point, the Hull-based IT and telecoms business, and initially delivered bespoke software projects. In 2021 Ian Crowder and Tony Grimes, who have over 40 years’ software experience between them, joined the business as Directors and shareholders. The company has since launched its own range of AI-powered software products.
The company currently employs six permanent staff as well as up to 22 independent contactors including software testers and analysts.
Martin Lauer, CEO of Think360, said: “Think360 has made remarkable progress in the past two years since the launch of our proprietary software. Our products have gained traction in all of our key sectors and we have secured some high-profile clients.
“Following a spate of new contact wins, we also have a strong pipeline of new business. The funding will enable us to meet growing demand and continue our success story.”
Rebecca Pickering of Mercia Debt added: “AI is reshaping the ports and logistics sector by driving automation and transforming the way care is delivered in patients’ homes. Think360 is at the forefront of these exciting developments.
“We are pleased to be able to support Martin, Ian, Tony and the team in their plans to achieve further growth and establish the company as a leader in its field.”
