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Success Stories
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Investing in Success: Veritape

Veritape was originally founded in 1998, but experienced slow progress in the early stages, with sales remaining quite slow by 2002/3. The two founders then approached Northwest Business Angels, looking for funding to help kick-start the business, and received offers of support from a syndicate of three private investors and the North West Equity Fund (NWEF). The company chose the business angels to provide the investment and expertise they felt they needed.

After the first year, one of the investor directors was invited to assume the role of company Chairman and the business remodelled itself from a ‘purchase’ to a ‘rental’ offering for any companies or organisations which needed to monitor and record its business calls. This change facilitated the customer decision, as there was no upfront capital expenditure required at installation, and no minimum contract required for the Veritape service.

Four years on, staff numbers have grown rapidly to support expansion and Veritape and has moved to a much larger premises and opened a Southern sales office. The company has recently developed a new fast-track growth plan and is also undertaking franchise initiatives in the Netherlands and Brazil.

Commenting on the experience to date, Northwest Business Angels investor and Veritape Chairman John Hinnigan said: “The original business has come a long way since its initial set-up in 2003. We have an excellent product, a far more robust business model, with strong 5-year growth projections of between 50% and 100% per year based on our recent track record and excellent market acceptance of our system. It’s been a definite success story for all concerned and the original angel investors will soon be able to consider exit routes should they wish to do so.”

Veritape Logo

Veritape Call Handler

“This external investment has helped us to accomplish more, grow more quickly and yet not compromise the quality or integrity of the original proposition.  For us, the Northwest Business Angels ‘angel’ experience has been a very positive and welcome one – definitely worthwhile.”

CAMERON ROSS
Marketing Director, Veritape

www.veritape.co.uk

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