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Software firm secures NPIF II growth funding after winning £1m in new contracts

Press release 31 January 2025

A Hull-based software business has raised £100,000 from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II), to support its growing workload.

image of the team at think360

A Hull-based software business has raised £100,000 from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II), to support its growing workload.

Think360 has secured over £1m worth of new contracts in the past few weeks and has over £4m of other potential new business in the pipeline. The funding will provide additional working capital to enable it to take on more projects and expand its team with the creation of three new jobs.

Think360 was established in 2018 by Martin Lauer, who is also CEO of The One Point, the Hull-based IT and telecoms business, and initially delivered bespoke software projects. In 2021 Ian Crowder and Tony Grimes, who have over 40 years’ software experience between them, joined the business as Directors and shareholders. The company has since launched its own range of AI-powered software products.

The first product, AI Suite, was designed for the ports, logistics and manufacturing sectors and is now used by clients such as RMS Ports, Immingham Transport and cosmetics manufacturer Orean Personal Care. The latest addition, AI Homecare, helps domiciliary care providers to manage home visits and share care plans with relatives, and is used by clients such HICA Group.

Think360 also offers platforms to monitor cranes and industrial equipment and manage engineers in the field. The company currently employs six permanent staff as well as up to 22 independent contactors including software testers and analysts.

Martin Lauer, CEO of Think360, said:

Think360 has made remarkable progress in the past two years since the launch of our proprietary software. Our products have gained traction in all of our key sectors and we have secured some high-profile clients. Following a spate of new contact wins, we also have a strong pipeline of new business. The funding will enable us to meet growing demand and continue our success story.

Rebecca Pickering of Mercia Debt added:

AI is reshaping the ports and logistics sector by driving automation and transforming the way care is delivered in patients’ homes. Think360 is at the forefront of these exciting developments. We are pleased to be able to support Martin, Ian, Tony and the team in their plans to achieve further growth and establish the company as a leader in its field.

Lizzy Upton, senior manager at the British Business Bank, said:

From deeply technical software to easy-to-use consumer programmes like ChatGPT, AI has grown tremendously in recent years, and is only set to grow even more. It's great to see a Yorkshire-based business like Think360 using NPIF II funding to drive AI transformation in key industries like the ports, logistics and manufacturing sectors.

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

Further Information

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Notes to editors

About Mercia Ventures

Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech.

Mercia Ventures is a trading name of investment funds managed by Mercia Fund Management Limited and Mercia Regional Ventures Limited, part of the Mercia Asset Management PLC Group, and sits alongside the Group’s wider private equity, debt and proprietary balance sheet operations. The Group has 11 offices in the UK, and Mercia Ventures’ national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help our partner companies successfully achieve their ambitions. As at 30 September 2023, Mercia Asset Management PLC has c.£1.5billion of assets under management. Mercia Asset Management PLC is quoted on AIM with the epic "MERC".

The Group raises its own Venture Capital Trusts (VCTs) and Enterprise Investment Scheme (EIS) Funds, and details about open offers can be found through Mercia’s website.

Mercia Asset Management PLC is quoted on AIM with the epic "MERC" and includes the following wholly owned subsidiaries -

  • Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
  • Mercia Regional Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
  • Mercia Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
  • Frontier Development Capital Limited is authorised and regulated by the FCA under firm reference number 829697

Mercia UK

About the Northern Powerhouse Investment Fund II

  • Operated by the British Business Bank, NPIF II provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
  • The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Greater Manchester, Lancashire, Cheshire & Warrington, Cumbria, Liverpool City Region, Leeds City Region, South Yorkshire Combined Mayoral Authority, York & North Yorkshire, Humber and East Yorkshire, Northumberland, County Durham, Tyne & Wear
  • Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).

Northern Powerhouse Investment Fund II

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