Route optimisation and decarbonisation specialist, The Algorithm People, (TAP) has secured £2.2 million of funding, to accelerate its scale-up plans and drive growth, in both its home UK market alongside targeted entry into new global markets.
• The Algorithm People announces £2.2m of funding
• Latest investment will accelerate scale-up of the optimisation specialist, drive growth in the UK and prepare for global expansion
• Latest financial performance for 12 months to 30 September sees triple digit growth of 256%
The latest funding builds on last year’s announcement of a multi-million-dollar injection from experienced tech investors and comes as the company delivers 256% growth in annually recurring revenues (ARR) at the end of its third trading year.
TAP provides route optimisation and decarbonisation solutions for fleet modernisation, which are proven to reduce costs, increase productivity and cut emissions by up to 30%. This enables fleets to operate more efficiently and transition to electric and other carbon zero vehicles: “We have demonstrated a clear market need for our optimisation toolkit,” explains TAP CEO Colin Ferguson.
“We have also secured several major clients who are now taking advantage of the efficiency gains our technology offers. We have rolled out our solutions for key customers in Europe, with plans for other regions globally, including the US. This funding will underpin our scale-up growth plans and power our next round of technical developments, including artificial intelligence.”
TAP will release new, more powerful optimisation algorithms in 2023 powered by AI and machine learning, which will deliver more functionality for its clients, in addition to solving new and emerging problems, addressing the complexities of mixed fleet planning. The scale-up plans will see the company create more jobs and increase the workforce by 35% in the next twelve months, as it continues to deliver its year-on-year triple digit growth ambitions.
TAP is backed by a consortium of private investors led by Stephen Kelly, Chair of TechNation and former CEO of Sage. “We invested in TAP as we believe in the company’s vision to become a global market leader in optimisation and decarbonisation,” explained Kelly. “The strong performance over the past 12 months has supported that belief. This funding will accelerate the company’s growth plans, supporting cost reduction and the decarbonisation of fleets, helping them meet their net zero targets.”
Maven Capital Partners UK LLP is also a major investor in TAP, having first invested in 2020 to help with the development and launch of My Transport Planner. Alan Robertson, Partner at Maven and Investment Director at TAP says; “We are pleased to continue our support for TAP, to help further develop its technical roadmap and provide a platform for scale.” Robertson continues; “As fleets seek to cut costs and transition to zero-emission vehicles, we see the opportunity for TAP to assist these organisations meet their decarbonisation targets and become part of their everyday operations.”