VIDEO software firm CitNOW has secured £1.2m in growth capital funding from Santander’s Breakthrough Programme.
The funding will support the creation of 50 new jobs, allow for new product development and provide for further capital expenditure ensuring the continued rollout of CitNOW in the UK and overseas.
Alistair Horsburgh, chief executive of CitNOW, said: ‘Winning the majority of our 1,000 plus accounts in two years has meant fighting hard to keep business planning and cash aligned. We’ve moved banks twice to maintain our aggressive forecasts. Their Growth Capital Fund has allowed us to raise seven figures in debt funding to expand our business in Europe.’
The Growth Capital loan is part of Santander’s Breakthrough programme, which aims to support fast-growth small businesses, to help them fulfil their potential.
Philip Mason, director of Growth Capital at Santander UK, said: ‘As the importance of the online sales channel increases for the automotive market, both dealers and manufacturers are searching for ways to maintain strong customer relationships and enhance customer experience. The quality of the CitNOW product, as well as the financial value it brings to its clients, is demonstrated by the rate of growth the business has achieved to date.’
Established in 2008, CitNOW now works with 75 of the top 100 automotive dealership groups in the UK as well as a host of manufacturers, including BMW, Volkswagen and Nissan.
The company was also one of the attractions at this year’s Car Dealer Conference.