Software company accelerates growth
A Clitheroe-based software company specialising in digital publishing and crisis communications has secured a £300,000 loan to accelerate the growth of its flagship product.
YUDU is using the cash from Rosebud, a fund managed by GC Business Finance, to expand its development team and to promote its Sentinel product more effectively.
Sentinel is a crisis management platform that “improves operational resilience” by enabling mass notification alerts, document sharing, communications via chat channels and instant conference calls.
YUDU has expanded Sentinel’s Lancashire-based development team and recruited marketing experts.
The funding has also helped YUDU to launch Sentinel Check-in, a new track and trace solution for pubs.
To compensate for a shortfall in sales as a result of the Covid-19 pandemic and ensure that the Rosebud loan is ringfenced to support Sentinel’s growth, GC Business Finance has also delivered a £100,000 loan under the Coronavirus Business Interruption Loan Scheme (CBILS).
Rosebud provides business finance to growing businesses in Lancashire County Council’s administration area, backed by Lancashire County Developments Limited.
Managed by GC Business Finance, it provides loans of £10,000 to £300,000 to businesses in a number of high-growth sectors.
As an accredited provider of CBILS, GC Business Finance also supports businesses in the North West with term loans of £50,001 up to £250,000 under the scheme.
Richard Stephenson, chief executive at YUDU, said: “After launching Sentinel, we quickly recognised that we needed financial support to build on its early success.
“We sought a partner that recognised our position in the market, offered suitable rates and could support us through the coronavirus pandemic.
“GC Business Finance took the time to understand our strategy and make appropriate recommendations, enabling us to focus on growing the business.
“The finance from Rosebud has already helped us to launch a new track and trace solution for pubs, while the CBILS loan has ensured that we can remain agile and respond to market conditions under Covid-19.”
“YUDU is a global company but we are incredibly proud of our Lancashire heritage, so we love that we can work with Rosebud as a local financial provider.”
Matt Robinson, Fund Manager at Rosebud, said: “As a leading software company with a fast-growing product, YUDU was the perfect fit for a Rosebud loan.”