Two tech entrepreneurs behind e-Bate, the UK’s first software as a service (SaaS) platform to help companies manage rebate and pricing schemes, have secured £950,000 from investors.
Leanne Bonner-Cooke MBE and Colette Wyatt received the funding from Mercia Asset Management, the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund. Private investors Investors also participated in the riase.
The funding will allow the firm to expand its sales and marketing activities and roll out e-Bate to a wider audience, creating a number of new jobs at their office in Leicester.
Bonner-Cooke, also founder and Chairman of Evolve-IT Consulting, was made an MBE in the New Year’s Honours List in 2017 for her services to women in business.
Wyall, who has 30 years’ experience within the telecoms and IT industries, joined Evolve in 2015 as Chief Technology Officer and has spearheaded the development of e-Bate.
Through their work in building bespoke rebate management software for large companies, they recognised that there was a gap in the market for an affordable off-the-shelf solution.
e-Bate is designed for buyers or suppliers which either pay or receive rebates, commissions, bonuses or incentive schemes, in particular those in the pharmaceuticals, manufacturing, consumer goods and construction industries.
The e-Bate platform allows companies to overcome the complexities involved in managing such schemes by automating the process, helping to reduce overheads, manage pricing and increase revenues and profit while ensuring compliance through a full audit trail and comprehensive approval workflows.
“Many large corporations have rebate deals between themselves and their suppliers, and on both sides a lot of money is left on the table as rebates are not effectively accounted for or claimed due to poor rebate management,” said Bonner-Cooke.
“These funds will allow us to further commercialise the product and build our team while we continue to develop new features.”
Sandy Reid, Investment Manager at Mercia commented: “e-Bate is an exciting product with a huge potential market and a founder team of exceptional quality. It is also great to see women in tech coming forward for funding and we hope this will encourage others to do so, to help us break barriers and change the landscape once and for all.”