Dragon Jenny Campbell visits Ward Hadaway
02nd December 2019
The first board meeting of ProxiSmart Ltd, an innovative new tech startup backed by BBC2 Dragons’ Den panellist, Jenny Campbell, and creators of ‘ParkingPerx’, has been held at Ward Hadaway’s Newcastle office.
ParkingPerx is a loyalty app that not only rewards shoppers who spend in the High Street with money off parking fees but also eliminates the stress and hassle of parking, which for many are a barrier to shopping locally.
Investment in the firm was secured with our help through the North East Venture Fund, part of Mercia Asset Management.
Matt Cormack, a Partner at the firm, met Chris Reed three years ago through Simon Green, CEO of Innovation Super Network, at the annual Finance Camp event, aimed at helping businesses secure investment for growth. They have since been working together preparing ProxiSmart for investment, with Ward Hadaway partner Richard Butts advising on the investment strategy.
Matt Cormack said; “It was a pleasure to host Chris and the new board, as well as help him secure funding, allowing him to take the business to the next stage in its development.
“Although Ward Hadaway typically acts for large, established corporate clients, as a firm we have always taken an active role in our regional communities and sought to work with innovative tech start-ups, who are key in fuelling growth in the regional economy.
“Our work with scaling companies like Proxismart is to help prepare them for investment. It’s about asking the right questions and ensuring they have the right processes and procedures in place so when it comes to meeting with investors, they can answer any questions confidently and thoroughly. Investors are discerning about where they place their funds, they’re going to do their due diligence, so your house must be in order, no matter what size your business is.”
Richard Butts, a Partner in the corporate team specialising in fundraising and corporate transactions, introduced Chris to the team at Mercia Asset Management and managed the investment process. He said; “It’s always great to help our clients realise their ambitions by securing the right deal for their business. This one is particularly satisfying as we’ve been working with ProxiSmart for several years and it is excellent to see their plans come to fruition. We’re looking forward to our continued relationship and helping them grow and prosper.”
ParkingPerx has already been described as “potentially transformational for town centres” by Liam Maxwell, in his role as National Tech Advisor to the Government. Chris now has plans to roll out the solution nationally.