1 October 2014
A company which provides property and personal digital data services has secured investment from venture capital specialists Midven.
Etive Technologies Limited, which is expanding its Birmingham operations, is capitalising on the Government’s desire to move all public services online.
In particular, Etive has produced a range of products which will help local authorities and registered social landlords prepare their tenants to be online and create digital identities for them.
Etive’s Digital Log Book is a personal digital record which provides access to products and services based on an individual’s particular requirements. Their Home Log Book provides a lifetime digital record of information about a private residence.
With the introduction of Universal Credit under the Welfare and Court Reform Programme and the Government’s desire to be “digital by default”, it is expected that more than 90 per cent of claimants will need to go online to claim their benefits.
Midven’s Exceed Fund has invested more than £250,000 into the company, which will help secure and grow its presence in the West Midlands, as well as helping take on new staff.
As part of the reform programme, local authorities and registered social landlords must prepare digital identities for tenants – which will result in a simplified benefits system overall. Stuart Young, managing director of Etive, said the company’s offering provided an ideal solution to help councils and landlords and the Government meet their requirements.
“Organisations are looking to ‘channel shift’ their tenants to access online services, and we are perfectly placed through our products to help them do this, thereby improving service delivery and ensuring tenants pay their rent and council tax on time,” Mr Young said.
The team is already working with Birmingham City Council, which owns 64,000 properties across the city, as well as having a contract with Scottish Water to provide its Home Log Book services.
Surjit Kooner, investment director at Midven, said: “Etive is an established business which already boasts a strong network of potential clients and an obvious growing pipeline for further opportunities. Their products set out a clear solution to help organisations meet their digital and financial inclusion requirements, and the expansion in Birmingham will allow the company to make the most of its existing relationships and help them build the critical mass they require as the business continues to grow.”
Midven Limited is a privately owned commercial fund manager with a successful track record of investing in small and medium-sized enterprises in the Midlands. Midven manages five funds representing £74m under management. The funds have invested in a wide variety of sectors, including software, biotechnology, healthcare, engineering, manufacturing and distribution.
The £18.4m Exceed Fund was established in December 2009 to invest in high growth businesses in the West Midlands. It became operational in March 2010 when LDC became an investor in the Fund. The Exceed Fund can invest up to £750,000 in a range of sectors to support expansion and development. Managed By Midven, its investors include Lloyds Development Capital, the Department for Business Innovation and Skills and the European Regional Development Fund.