A Bristol tech business has secured £400,000 in funding which will allow it to create up to seven new jobs in the next six months.
Payaca, which is based in Hamilton House in Stokes Croft, develops job management software that has been used by more than 260 home improvement firms.
Payaca’s platform allows its clients to create interactive proposals and quotes for jobs with multiple payment options and integration with accounting software.
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The company has received the backing of the Bristol Private Equity Club (BPEC), a group of successful local entrepreneurs.
Seventeen of the group’s members have invested £212,500 into Payaca. The funding has also unlocked a further £128,000 investment from Cambridge-based venture capital firm SyndicateRoom, with the rest of the round made up of individual investors.
Matt Franklin, founder and chief executive of Payaca, said the funding would help to scale the business and create jobs for software developers and marketing specialists.
Mr Franklin said: "At the moment the business is five-strong and we expect to more than double the staff in the next six months."
Commenting on BPEC’s investment in Payaca, the group’s founder Jerry Barnes said: "We supported this business with funding 12 months ago and we are delighted to lead this second round to ensure that growth can continue. It means that 19 members have now invested a total of £430,000.
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“Bristol is now well-established as a hotbed of tech ideas that can change the way that people do business in the future.”
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Tom Britton, co-founder of SyndicateRoom added: “Payaca has shown positive early traction with clients looking to bring efficiency to their firms, and has attracted investment from one of the 海角视频s top performing angels and BPEC, with whom we are delighted to be co-investing."
BPEC, which has grown to 105 members, has now invested £9.2m into 26 local businesses in the last five years. More than £2m of this has come in the last nine months.
The group recently made its biggest single investment when it put £491,000 into Anaphite, an early-stage Bristol business developing rechargeable battery technology.
BPEC also joined an investment group led by a former treasurer of the Conservative Party Lord Stanley Fink in backing Bristol science business Argonaute RNA, which is helping to create medicines that combat illness by harnessing the body’s natural cell mechanisms to silence specific genes.