Project management company moves to Durham and gets £ 300,000 in funding

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A business in the North East has secured £ 300,000 in funding as it moves to County Durham and looks to expand.

Project Control Tools, which was established in Yarm and recently based in Gateshead, has secured an investment of £ 185,000 from the Finance Durham Fund, along with other funding. The funding will allow it to invest in the development of its products internally to develop its portfolio and improve its sales and marketing function.

The company provides software solutions to improve project delivery and profitability, primarily for the rail and construction industries. Its technology helps project management teams streamline daily tasks by saving time and reducing project expenses.

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Co-founders Fin Gregory and James Staines both have project management experience and work in the rail industry.

CEO Gregory said: “We are really excited to close this investment round. We have worked very hard over the past few years to develop our platforms, our product awareness and our loyal customer base.

“Our main goal is to make life easier for our customers by providing easy-to-use turnkey solutions that enable immediate digital transformation of all site and project processes. The investment will allow us to accelerate our plan for growth, strengthening our account management, sales, marketing and development teams and looking at other issues we can solve in the industry.

Mr. Staines, who is the company’s COO, added, “It is a fantastic achievement for the company to get the funding round through Maven, Finance Durham and our business angels.

“We are very happy to have the opportunity to move forward with the support and continue our journey into what started from an idea on a piece of paper four years ago. We are grateful to our management team and our new investors for helping make this happen. “

Sarah Slaven, Interim Managing Director of Business Durham, said: “County Durham has a reputation as a hotbed for innovative businesses. Finance Durham is just one of the ways we work to encourage entrepreneurship.

“By helping companies like Project Control Tools access the growth financing they need, we can build on that reputation and create more jobs and opportunities. We look forward to working with James and the team to thrive in County Durham and achieve their ambitions. “

Peter Smith, Investment Partner at Maven, said: “Project Control Tools’ innovative technology solutions facilitate digitization for the rail and construction industries to remove paper-based processes from the site, thereby streamlining efficiency and saving money. time and money.

“This is a great opportunity for the Finance Durham Fund to provide a growing software company with a relocation package to join County Durham’s burgeoning tech space. We look forward to working with Fin, James and the team as they embark on a program of growth. “

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