A Manchester-based investment firm has helped a socially-minded technology company secure more than £2m.
Praetura Ventures and Blackfinch led a funding round to provide Transreport, which is set to transform the travel experiences of those with reduced mobility, with £2.3m.
Transreport, which has offices in London and Glasgow, has designed an app that helps rail passengers with disabilities and mobility restrictions by better enabling rail operators and station staff to respond to booked assistance requests.
The tool is already being trialled by rail operators including West Midlands Railway, Northwestern Railway and Govia Thameslink Railway and allows passengers to alert staff to their needs as part of their everyday journeys.
The investment round was led by Reuben Wilcock of Blackfinch and Pete Carway and Louise Chapman of Praetura Ventures.
Andy Sumner, portfolio managing director of Praetura Ventures, will join the Transreport board as a non-executive director.
Blackfinch will have invested a total of £1.3m by tax-year-end, and Praetura Ventures has invested £1m as part of the deal, which includes personal investment from Dominic McGregor, co-founder of Social Chain and one of Praetura Ventures’ venture partners.
The investment will now allow Transreport to drive expansion, as well as invest in marketing for key products.
Most Read
Jay Shen, founder of Transreport, said: "Both Blackfinch and Praetura Ventures instantly recognised what Transreport is trying to achieve: make transport more accessible.
"Their respective strategic visions for a more equal, equitable and inclusive society aligns completely with our own.
"Going forward, there is a strong belief that companies which put people and the planet first, will undoubtedly be more profitable.
"We maintain an ethos of using technology for doing good, and the entire team is greatly looking forward to working with them to help grow Transreport further to maximise its positive impact on as many people as possible."
Reuben Wilcock, head of ventures at Blackfinch, added: "Transreport’s unique proposition provides a practical solution to an everyday challenge experienced by the rail operators and their customers.
"The Passenger Assistance tool makes train travel more accessible to those with disabilities and mobility challenges, and that concept perfectly aligns with the Blackfinch Group’s commitment to investing in companies that are making a positive impact on society.
Don't miss a thing - sign up for your free North West newsletter - and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
For all the latest stories, views, polls and more - and the news as it breaks - .
Don’t miss
"The interest that the app has already had from across the industry is indicative of the strong growth and return potential that it offers for investors."
Praetura Ventures has previously invested in the likes of Artorius, Challenge Group, Culture Shift and Dr Fertility.
Pete Carway, investment director at Praetura Ventures, said: "Businesses that drive positive social change have never been so important and Transreport is one of the most exciting businesses in the market.
"Jay has established a highly experienced, credible and ambitious team and together they have created a model that has huge potential.
"Not only does the business exist for the sole purpose of making travel more accessible to all people, it also improves the quality and inclusivity of the service rail operators can provide.
"Through a deep understanding of the issues facing people with mobility issues, the team has been able to develop a truly revolutionary product that genuinely puts the customer at the heart of the journey and improves accessibility for all.
"We’re looking forward to working in partnership with Blackfinch to provide the investment and strategic support that will support Transreport as it embarks on the next stage of its growth journey."
Shakespeare Martineau and Hill Dickinson provided legal advice to Blackfinch and Praetura Ventures. Transreport was advised by Ignition Law.