Citrus-Lime, a fast-growing retail software and digital marketing services provider, has secured a multi-million-pound investment from BGF.
Headquartered in Cumbria, Citrus-Lime provides an end-to-end cloud retail solution focused on serving hundreds of independent retailers in the cycling, equestrian, running and outdoor space.
Its core product, ‘Cloud POS’ is an integrated point-of-sale and eCommerce retail platform that supports retailers to manage stock, streamline operations, improve customer experience and drive profitability.
Citrus-Lime has expanded to global markets with a US base and quickly established itself as a leading supplier of EPOS systems in the UK and USA. Citrus-Lime also supplies its Cloud POS to retailers throughout Europe and across Australia.
BGF says its funding will support Citrus-Lime’s ambitious growth plans, including further development of its technology and accelerated expansion into existing domestic and international markets.
Citrus-Lime founder and CEO Neil McQuillan, said: “Independent retailers deserve technology that removes friction and unlocks growth, and that’s what Citrus-Lime has been delivering across the globe since the launch of our product in 2018.
“With Cloud POS, we bring POS, payments, e-commerce, stock and customer data together in one connected platform, helping retailers operate with confidence and giving them back time to focus on customers.
“With BGF’s investment, we can accelerate our international expansion – particularly in the US – while continuing to enhance the platform and the support experience that underpins our success. BGF has a strong track record of supporting high-growth SaaS businesses, and their partnership equips us to scale in a way that preserves the customer outcomes we’re known for. We are excited about the journey ahead.”
The transaction was led by Josh Bean and Courtney Walker, and builds on BGF’s recent announcement of a £3 billion commitment to support high-potential companies across the UK over the next five years. £300 million of this has been earmarked for businesses in the North West, building on significant investment in the region since 2011.
Josh Bean, investor at BGF, added: “Citrus-Lime is a standout business with a growing and increasingly international customer base. It is highly scalable and addresses a clear market need, positioning the business for significant growth. We’re backing an experienced leadership team and look forward to supporting Citrus-Lime as it enters its next phase of expansion.”
As part of the deal, David Quantrell will join Citrus Lime as non-executive chair. He has extensive boardroom experience, having chaired Speechmatics, Retail Insight, and LineView, and held non-executive roles at Egress and AIM-listed Oxford Metrics.
He also has extensive knowledge of the US market, given executive roles held at Nortel Networks, Hewlett Packard, McAfee and Box.
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