VisaDoc – a fast-growing UK start-up whose platform automates the visa process for business travellers – has secured a six-figure investment from NPIF II – Mercia Equity Finance, which is managed by Mercia as part of the Northern Powerhouse Investment Fund II (NPIF II).
The funding will help it meet ‘overwhelming demand’ in the run-up to a much larger planned funding round next year. It comes as many countries are tightening visa requirements due to concerns over immigration.
VisaDoc’s platform, which was launched in March this year, has already been adopted by over 100 global enterprises including Toyota, Anglo American, RELX plc and the Civil Aviation Authority. As an automated platform, it replaces fragmented, manual processes, helping to create and validate visa applications across over 190 destinations while giving employers complete visibility over the process and the travel patterns of their staff.
VisaDoc was founded by James Tomlin and Oleh Voronko who previously held senior roles with a US-based multinational that provides a manual visa application service. Following the investment, the company is to establish a team in Leeds.
James Tomlin, CEO, said: “Millions of employees travel overseas on business each year and every big company has visa horror stories to tell. At best, staff may be denied entry to a country – at worst they can be fined, permanently banned or even end up in jail. Our platform helps companies ensure compliance with the rules, manage business trips more effectively and save time.
“There is nothing like this on the market currently and we have had overwhelming demand. The funding will enable us to expand the team and roll it out to more customers as we start to scale the business.”
Mattia Scalabrin of fund manager Mercia Ventures, which provided the NPIF II funding, added: “Visa application is complex and cumbersome with a high reliance on manual processes, whether by companies themselves or by external service providers. James and Oleh saw an opportunity to automate these process and their new platform has quickly taken off. We believe it could transform this part of the business travel market and are pleased to support them as they prepare to raise a larger funding round.”
Sarah Newbould, Senior Investment Manager at the British Business Bank, said: “Through NPIF II we’re proud to be supporting innovative businesses such as VisaDoc to provide new services to international markets and some of the world’s biggest businesses. By backing these businesses we are stimulating job creation and regional growth in the North whilst also promoting international activity.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.