IDenteq, a West Midlands-based company specialising in data solutions for the utilities industry, has secured a £700,000 follow-on investment from the Midlands Engine Investment Fund (MEIF). The investment was made through the MEIF West Midlands Equity Fund I, managed by Future Planet Capital Regional, formerly known as Midven.
This significant follow-on funding will be used to fuel IDenteq’s next phase of growth, supporting the development of innovative new products and expansion into new markets. The company plans to launch a premium SaaS product for utility companies, focusing on credit risk assessment and enhancing their offering significantly for existing clients. The investment will also enable the creation of a specialist managed service for address cleansing and occupier validation, as well as a new prospect portal tool for various sectors.
In addition to product development, the investment will support strategic hires across the company, including roles in product development, sales, and marketing.
Since its founding in 2020 by industry veterans Ben Reed and Andrew McKinney, IDenteq has demonstrated strong growth by providing a cost-effective solution for utility companies to validate their customer data, helping to reduce revenue loss and combat fraud.
Andrew McKinney, CEO at IDenteq, said, “This follow-on investment is a fantastic validation of our vision and the progress we’ve made to date. It will allow us to accelerate our product roadmap, delivering innovative solutions that meet the evolving needs of the sector. We’re partnering with utilities to raise the bar for the entire data services industry, and we’re excited to welcome new talent to the team as we drive forward into our next phase of growth.”
The decision to make a follow-on investment was based on IDenteq’s impressive growth and the management team’s deep sector expertise and proven ability to deliver effective, market-ready solutions.
“We’re delighted to continue supporting IDenteq as they enter their next phase of growth,” said Tony Stott, Investment Director at Future Planet Capital Regional. “The deeply experienced leadership team has an ability to rapidly develop and launch innovative solutions which makes them a standout in their sector. We look forward to providing continued support to help them scale the business.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.