Gresham House Ventures has made a follow-on investment of £1.75mn into Patchworks, a software company helping e-commerce businesses automate and manage data flows across complex IT systems.
The investment, in the form of a convertible loan note, is Gresham House Ventures’ fourth in Patchworks. Forming part of a £2mn round, it brings Gresham House Ventures’ total investment in the business to £10.5mn since its first injection of capital in July 2021.
Patchworks offers software that connects key e-commerce systems including shopfront, ERP, CRM and warehouse management, enabling businesses to streamline the integration of their technology stack.
Led by Grant Paul-Florence from Gresham House Ventures, the investment will be used to drive further innovation and new features in the business’s existing software as a service (SaaS) platform, which has already been adopted by leading e-commerce businesses including Huel, Gymshark and Lounge Underwear, and to support its expansion internationally.
The investment continues a busy period of activity for Gresham House Ventures, both in terms of dealflow and fundraising. Recent deals include a £1.1mn investment into biotech research business Metrion Biosciences, a £1.4mn investment into tailor-made holiday company TravelLocal and a £3mn investment into leading travel technology business Branchspace as part of a £5mn total commitment. Gresham House’s Baronsmead VCTs recently launched a £50mn share offer, raising further funds to take advantage of investment opportunities across a range of innovative early-stage UK businesses.
Grant Paul-Florence, director of investment at Gresham House Ventures, said:
“We have continued to be impressed by Patchworks’ management team and the business’s sustained growth in recent years. Our previous investments have supported Patchworks in broadening its product offering and expanding its client base, so we are excited to see the business go from strength to strength with this additional funding as it develops its software platform further this year.”
Jim Herbert, CEO at Patchworks, added:
“Our relationship with Gresham House Ventures has already played a significant role in driving our recent success. This latest investment positions Patchworks for even stronger growth in 2024, with our platform becoming increasingly established as the most effective solution on the market to seamlessly integrate complex systems with minimal effort.”
