Middleton Enterprises takes £100k stake in innovative technology company
Middleton Enterprises, one of the North East’s top investment firms, has made significant investment in an innovative hospitality industry technology company.
The Newcastle-based firm recently completed a £100k investment in Rota, which provides a network for hospitality venues to connect with temporary staff through an app.
Rota, which raised £1.8m from business angels, has recently recruited five new staff to accelerate its expansion, and has so far fulfilled 27,000 shifts.
The app, which has over 1,000 active staff, provides on demand staff for the hospitality sector and is currently operating in Manchester, Birmingham, London, Edinburgh and Leeds, with plans to expand into six new cities in the next two years.
The digital company has 136 clients, including Hilton, Marriot and Sheraton hotels, with the number of active partners having grown by 221% in the last 12 months.
David Alprovich, Commercial Director at Middleton Enterprises, said: “We are always looking for innovative companies to invest in. Particularly businesses that have developed new and exciting technologies that improve everyday processes.
“In Rota, we identified a fast growing and scalable software business that had spotted inefficiencies in the hospitality temporary staffing market and developed an effective solution. The management team have a credible business plan which shows significant growth and profitability.
“The model can be rolled out into new cities, vertical sectors and potentially internationally. Digital market place solutions could completely displace traditional temporary recruitment agents in the medium term.
“We are confident that with the right investment, they will be able to realise their business objectives and we see the prospect of future investment, building a larger shareholding in the coming years.”
Middleton Enterprises recently saw its net asset value double from £48m in 2013 to £96m in 2017, success which it puts down to investing in fast growing technology businesses, including early stage venture capital and larger companies that are listed on the stock market.
ISSUED ON BEHALF OF MIDDLETON ENTERPRISES
CONTACT: Mike Renton on 01325 363436
Notes to Editors:
Middleton Enterprises is an investment firm that represents the business interests of Jeremy Middleton. Its portfolio includes listed companies, venture capital and property investments.
It makes investments throughout the UK, with a particular focus on the North East from its office on the Quayside in Newcastle.
The team of 8 investment professionals work with successful entrepreneurs, helping them to grow their business. We have extensive experience in marketing, investment and finance.« Back