UK-based early stage investor Mercia Technologies has increased its stake in Leeds University spin-out Science Warehouse following a £3.5m ($5.2m) investment.
Mercia now takes a majority position in the UK-based e-procurement firm, extending its stake from 45% to 63%. The latest round will allow the firm to fuel its international expansion.
Established at the turn of the millennium, Warehouse is providing a cloud-based procurement and spend analytics platform, which covers 25,000 suppliers and houses an online catalogue of 17 million products. Its customer base includes the National Health Service and a number of UK universities.
Mark Payton, chief executive of Mercia Technologies PLC, said: “Science Warehouse is a highly disruptive business with an industry leading platform. We are delighted to continue our support as it looks to expand further within the UK and to scale up for overseas growth. We believe there is a significant market opportunity for Science Warehouse’s leading platform and this latest investment from Mercia will help to drive expansion and further build on its extensive customer base.”
