Sci-Net, a Microsoft Tier 1 Gold partner, has secured a £700,000 loan from NatWest. The bank’s IP-backed loan will aid the company in growing its portfolio of customers including national retailer Tapi Carpets, jewellery retailers Missoma and Jessica McCormack, as well as national distributors.
The new High Growth IP Loan from NatWest has been developed with specialist IP valuers Inngot to help unlock the funding gap for high-growth firms. Loans start from amounts as low as £250,000 against up to 50% of the value of the firm’s intellectual property, software, patents, copyrights, trademarks and registered designs, as determined by Inngot’s tailored systems and processes.
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Sci-Net works with various tech giants including Microsoft and with this funding it’s set for further expansion
Neil Bellamy, Head of Technology, Media and Telecoms at NatWest Group, said: “It’s a pleasure to have supported Sci-Net with the bank’s first IP-backed loan. As a bank we work with some of the country’s most innovative start-ups and our aim is always to enable them to leverage the things that really drive their success. With this loan, we have shown the potential that unlocking value from IP and intangible assets could have for UK economy, by helping firms to scale, create high value jobs and boost UK productivity. I am excited to see what Sci-Net does next.”
Duncan Fergusson, Managing Director of Sci-Net, added: “One of our biggest goals is improving efficiency, automation and customer service amongst businesses we work with and our software, which we’ve created and enhanced, has helped us to do just that! Accepting this loan from NatWest is a fantastic opportunity to facilitate road mapping and growing the software further so we’re able to work with more businesses across various sectors. Not only has NatWest been great with providing financial aid, but it has also shared great business support and recommendations. Our Relationship Manager has been very supportive and has continuously gone the extra mile, we can’t thank them enough for their help.”
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