Sci-Net, a Microsoft Tier 1 Gold partner, has secured a £700,000 loan from NatWest. The bank’s IP-backed loan will aid the company in growing its already impressive portfolio of customers including national retailer Tapi Carpets, jewellery retailers Missoma and Jessica McCormack, as well as national distributors.
The new High Growth IP Loan from NatWest has been developed with specialist IP valuers Inngot to help unlock the funding gap for high growth firms. Loans start from amounts as low as £250,000 against up to 50% of the value of the firm’s intellectual property – software, patents, copyrights, trademarks and registered designs – as determined by Inngot’s tailored systems and processes.
Founded in 1998, Sci-Net has already established partnerships with multiple tech giants and businesses across the retail, ecommerce-retail and distribution industries. Through the loan and ongoing support from the NatWest, the business aims to support the ongoing development of its ERP>Retail and its ERP>Trade software, which helps customers run their entire business operations. The company also predicts that the loan will create six new job opportunities in the local area.
Duncan Fergusson, Managing Director of Sci-Net, said: “One of our biggest goals is improving efficiency, automation and customer service amongst businesses we work with and our software, which we’ve created and enhanced, has helped us to do just that! Accepting this loan from NatWest is a fantastic opportunity to facilitate road mapping and growing the software further so we’re able to work with more businesses across various sectors. Not only has NatWest been great with providing financial aid, but it has also shared great business support and recommendations. Our Relationship Manager has been very supportive and has continuously gone the extra mile – we can’t thank them enough for their help.”
David Buckmaster, Sci-Net’s Relationship Director for NatWest in Oxfordshire, added: “Duncan and the whole Sci-Net team are some of the most intelligent and ambitious people I’ve had the pleasure of mentoring. Their hunger for success never ceases to amaze me and I’m proud to have supported them on their growth journey.”
Neil Bellamy, Head of Technology, Media and Telecoms at NatWest Group, said: “It’s a pleasure to have supported Sci-Net with the bank’s first IP-backed loan. As a bank we work with some of the country’s most innovative start-ups and our aim is always to enable them to leverage the things that really drive their success. With this loan, we have shown the potential that unlocking value from IP and intangible assets could have for UK economy, by helping firms to scale, create high value jobs and boost UK productivity. I am excited to see what Sci-Net does next.”
Martin Brassell, Chief Executive of Inngot, said: “This marks the first time we have seen a UK bank willing to attribute collateral value directly to IP assets, at repayment levels that are highly affordable. The £250,000 starting point makes IP-based funding accessible to growth companies at real scale.
“It rewards UK SMEs for investing in IP, and I believe it will help more companies to realise the importance and value of a strong IP strategy. I can’t think of a better way to encourage SMEs to take IP more seriously than to show them that they can borrow against its value.”
Notes to editors:
To learn more about Sci-Net, please visit: https://sci-net.co.uk
Contact
For media queries, please contact Lucy Chislett, Media Relations Manager at lucy.chislett@natwest.com
About NatWest Group
NatWest Group is a relationship bank for a digital world. We champion potential; breaking down barriers and building financial confidence so the 19 million people, families and businesses we serve in communities throughout the UK and Ireland can rebuild and thrive. If our customers succeed, so will we.
About Inngot
Inngot has been providing IP valuation tools and services since 2010, with a particular focus on helping companies establish the value of their IP and intangible assets to support equity and debt fundraising. Its online platform, developed with SMEs in mind, offers a consistent, cost-effective and scalable way to identify and value these otherwise ‘hidden’ company-owned intangibles. The toolkit has been used by hundreds of early-stage and scale up companies for a range of purposes, but mainly to support fund-raising. Inngot also provides customised IP strategy services for larger companies, and has advised NGOs, government agencies and innovation networks on IP identification and monetisation policy.
