Maven completes follow on investment in Traverse

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    Cheshire-based intelligent automation specialists, Traverse Associates, has secured an additional £650,000 investment as part of a larger funding round. This investment includes commitment from Management and seasoned travel professional Mal Barritt, Chairman at Traverse and current CEO at Traveltek. The funding comes from NPIF - Maven Equity Finance, managed by Maven and part of the first Northern Powerhouse Investment Fund (NPIF). 

    Published: Jul 04, 2024
    Focus: Growth Capital, NPIF Maven Equity Finance

    Established in 2007, Traverse supplies intelligent automation solutions to the travel and wider leisure sector. Their services help businesses streamline back-office tasks, saving time, effort, and money for their customers.

    Maven first backed Traverse in 2023 through a funding round led by NPIF - Maven Equity Finance. Since then, Traverse has seen strong performance, expanding its customer base, more than doubling its annual license fees, and making several key appointments to strengthen its outbound sales, development, and finance functions.

    This latest funding round will accelerate the growth of Cognitive Flow, Traverse's new proprietary Intelligent Automation technology. Sold on a consumption model, Cognitive Flow enables the adoption of affordable intelligent automation across both SME and enterprise markets.

     

    "We're delighted to support Traverse Associates with this latest funding round as the business scales. With a strong reputation and innovative technology, the business is making strong progress in the travel sector. This latest funding round exemplifies Maven's ability to continually support a company as it expands through the different phases of growth, achieving key milestones set out in the business plan. We continue to look forward to working with the team."

    Tom Parton, Investment Manager at Maven

    "Our business has expanded in a way that wouldn’t have been possible without the funding and advice from Maven. Working with an investor that can provide capital at different stages in the growth journey has been instrumental in helping us scale. We are excited for what is to come over the next few years and look forward to working with Tom as we enter our next phase of growth."

    John O’Neill, CEO at Traverse

     

    Maven is one of the UK’s most active private equity investors and has a track record of identifying and nurturing technology-driven businesses. If you are looking at private equity as a solution to fund future growth we would love to hear from you. Speak to one of our investment team by getting in touch at funding@mavencp.com. 

    Posted in:
    Growth Capital    NPIF Maven Equity Finance