MEIF Maven Debt Finance has provided Renato Software, creator of the cloud-based platform; senso.cloud, which provides remote monitoring, management and safeguarding of school computers, with a £210,000 debt solution. The funding will be used to support the company’s next phase of growth, develop its innovative product portfolio and expand its sales and marketing function, creating 11 new jobs.
Renato’s core product, senso.cloud, is a network and classroom management software package that helps teachers, technicians, senior management and school librarians’ better manage student and employee activity during school computer use. An all-in-one software solution for safeguarding and asset management, the platform can manage and monitor Windows and Chrome devices from a centralised web portal in real-time, with plans to extend Operating System support to Apple iOS and Mac devices in the very near future.
Renato has already partnered with some of the EdTech sector’s biggest players including Microsoft, Capita and other education-specific managed service providers.
The rise of Multi-Academy-Trusts (MATs) has meant the ability to centralise the management and reporting of computing devices that exist in different schools has become a top priority of trust leaders. Already installed into more than 1000 schools worldwide, senso.cloud has shown to be a huge disrupter in the education sector.
The deal was introduced by Goodman Corporate Finance, a corporate finance boutique that provides a full suite of commercial finance solutions to businesses. Goodman Corporate is a member of the National Association of Commercial Finance Brokers (NACFB), the professional association of choice for all commercial finance brokers and lenders servicing the needs of business borrowers.
After the initial contact with Goodman’s team, a thorough market-wide search was conducted and we concluded Maven to be a perfect match for Renato. The business can now develop and expand sales and marketing and continue to thrive well into the future.
Richard Altoft, Investment Director at Maven, said: “We are delighted to provide Jon and the team with this funding, which will help to further develop the software portfolio and expand Renato’s sales and marketing function. With a proven track record in developing software solutions to address a specific market need, Jon has created a phenomenal product, which goes beyond the usual confines of local network-based systems, and is robust, flexible and reliable for all network and classroom management needs. This funding package an exciting step forward in Renato’s growth plans and we look forward to working with the team to support their next phase in development.”
Jon Valentine, Founder and Managing Director said: “I am delighted to have secured this funding package from Maven MEIF Debt Fund, which will support the company’s next phase of growth and enable us to further enhance our portfolio of products and services. This is an extremely exciting time for Renato – the funding marks the real start of our journey and will enable us to execute the growth
The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The MEIF debt funds, managed by Maven, focus on providing growth funding to high-growth potential businesses located across the Midlands. Composed of two separate lots, of £50m for SMEs located in the West Midlands, and £40m for growth businesses in the East and South-East Midlands, the funds can provide finance of between £100,000 and £1.5million.