Regional fund backs survey business
Summary
The latest news from the world of business and finance for growth companies The Test Factory has secured £435,000 from the Finance for Business North East Technology Fund in the form of a debt arrangement and equity stake. Sunderland-based online assessment and survey business The Test Factory has reported growth in annual revenues of 400 per cent in the past 12 months, as well as opening a division in North America during the same period. ‘Our increased appeal and functionality will enable us to take advantage of opportunities in key growth areas including Asia and Australasia.’ Beales adds that the business has positioned itself at the forefront of a ‘niche but fast-growing market’, and is now in a good position to develop. He highlights Asia as an ‘exciting area’ for the company, where places such as India are already popular with the outsourcing industry. For the Finance for Business North East Technology Fund, which is managed by IP Gxroup, the deal follows on from backing provided to MymCart and Durham Graphene Science.
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