MEIF - Proof of Concept

Award-winning founder raises further £1.3m for software platform

An award-winning entrepreneur has raised a further £1.3m for her software platform which helps companies manage complex rebate and price incentive schemes.

It is the third funding round for e-bate founder Leanne Bonner-Cooke MBE, and comes from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, Mercia’s EIS Funds, and angel investors.

Rebates and commissions are commonly used in industries such as pharmaceuticals, manufacturing, consumer goods and construction. e-bate, which is based in Leicester, allows companies to overcome the complexities involved in managing such schemes by automating the process, helping to reduce overheads and increase revenues.

The platform has seen an eight-fold increase in its customer base since 2019. This latest funding round brings the total raised by the company to over £3m and will enable it to expand its sales team and accelerate product development.

Leanne, who also founded Leicester’s Evolve-IT Consulting and was awarded an MBE in 2017 for her services to women in business, said:

“This investment is key to the next level of growth within our business. The next 12 months are going to be very exciting, seeing us reach other markets and geographies with a product that is always innovating for the good of our customers.”

Sandy Reid, Deputy Fund Principal at Mercia, said:

“Our investment into e-bate shows how Mercia can support an exciting and innovative company through its life cycle by deploying capital from our different funds as it grows.”

Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “The MEIF is supporting innovative businesses to launch products, create new jobs and enter new markets. This third round of Proof-of-Concept funding showcases the Fund’s commitment to supporting businesses at every step of their growth journey. We encourage other businesses in the Midlands region to consider the MEIF funding options available.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.