New funding totalling £3m has been raised by timber tracking and trace technology specialist Helveta Ltd.
Succés Europe, a French technology investor, led the successful funding round, supported by existing investors Albion Ventures and Oxford Capital Partners.
The new investment will finance the continued expansion of the company, whose tracking technology is designed to ensure that only legal and sustainable timber from tropical countries reaches the market.
“This investment is an endorsement of the progress we’ve made in supporting real change within the industry, and comes as we are poised to announce a number of new contracts in key timber producing nations,” said Helveta CEO Patrick Newton.
Ed Lascelles, partner at Albion Ventures, said Helveta’s status as the only commercially deployed, electronic traceability system in the timber sector meant it was uniquely placed to become the industry standard.
