Liverpool city region process automation specialist Traverse Associates secures £650,000 investment from the Northern Powerhouse Investment Fund. Tony McDonough reports
A tech venture that helps travel firms automate their operations has secured a £650,000 investment from the Northern Powerhouse Investment Fund (NPIF).
Launched in 2007, Traverse Associates is based in Runcorn and also has a base in Hampshire. It is jointly owned by directors John O’Neill and Sarka O’Neill.
It has designed software that helps customers in the travel and leisure industry automate key processes, freeing up people to perform other tasks. On its website it says: “We automate your long-winded and laborious tasks.”
Tasks it automates include document matching for invoices and ticketing, customer schedule changes, booking off-system, booking quality checks and check-in processes for travellers. Customers include Booking.com and World Travel Holdings.
Now it has secured £650,000 from the NPIF via Maven Capital Partners, which manages the fund. Maven first backed Traverse in 2023 through a funding round led by NPIF – Maven Equity Finance.
Since then, Traverse has seen strong performance, expanding its customer base, more than doubling its annual licence fees, and making several key appointments to strengthen its outbound sales, development, and finance functions.
This latest funding round will accelerate the growth of Cognitive Flow, Traverse’s new proprietary intelligent automation technology.
Sold on a consumption model, Cognitive Flow enables the adoption of affordable intelligent automation across both SME and enterprise markets. Although the travel industry is Traverse’s core market it is expanding into other sectors.
John O’Neill, who is managing director, said: “Our business has expanded in a way that wouldn’t have been possible without the funding and advice from Maven.
“Working with an investor that can provide capital at different stages in the growth journey has been instrumental in helping us scale.
“We are excited for what is to come over the next few years and look forward to working with Tom (Parton) as we enter our next phase of growth.”
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Advisors on the deal were Browne Jacobson (Maven) and Ward Hadaway (Traverse). The NPIF invests microfinance, business loans and equity finance sub-funds which will offer financing ranging from £25,000 to £2m.
Tom Parton, investment manager at Maven, added: “With a strong reputation and innovative technology, the business is making strong progress in the travel sector.
“This latest funding round exemplifies Maven’s ability to continually support a company as it expands through the different phases of growth, achieving key milestones set out in the business plan. We continue to look forward to working with the team.”