06 Feb Edinburgh/Belfast food entrepreneurs to scale up with £2m investment
Food chain traceability experts arc-net have received a big investment to help scale and grow their business. Founded by entrepreneur Kieran Kelly, the business grew out of the Entrepreneurial Spark Powered by Royal Bank of Scotland hub in Edinburgh.
As reported in The Scotsman, arc-net have secured the £2 million investment from Richard Steeves, best known for selling his Synergy Health business for £1.2 billion.
Arc-net is a cloud-based platform which enables the food industry to trace the provenance of products using DNA technology and already counts many of the world’s main producers among its clients.
The company currently has 20 employees across its Belfast and Edinburgh sites and now plans to add as many as 30 new jobs in development, data analytics, and sales and marketing.
Arc-net Chief Executive Kelly told The Scotsman: “Dr Richard Steeves has an incredible track record, having built one of the largest medical outsourcing firms from scratch to sell it for more than $2bn. He is a visionary in the truest sense of the word, and the fact that he shares our vision for arc-net is a massive endorsement of our service, our strategy, and the potential of our company.
“Arc-net’s solution gives companies and brand owners the ability to have independent validation of their food quality. Our service also increases the information flow across the entire supply chain, which helps ensure authenticity, quality, traceability and compliance, based on blockchain technology.
“We see significant demand for what we have to offer and this investment will put us in a very strong position to capitalise on that.”
Entrepreneurial Spark CEO, Lucy-Rose Walker said: “This is fantastic news for arc-net and shows just what our entrepreneurs are capable of. £2 million worth of investment from such a credible source is great testament to how we make them backable and investable.
“Our 2016 Impact Report will be published very soon and is full of stories like this; of Entrepreneurial Spark working with Royal Bank of Scotland to build people who build businesses and help them grow and scale. This huge investment for arc-net is more proof of that.”
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