Route Monkey has received £450,000 from the Finance for Business North East Technology Fund and £50,000 from the Northern IT Research Fund, which will allow the  routing and scheduling software provider to consolidate its position within the electric vehicle sector and further develop its product range for conventional vehicles, to grow market share.

It will also be used to secure new premises in Gateshead and to grow the workforce by around 20%.

Route Monkey has enjoyed significant success having recently been made a partner in the Department for Transport’s Plugged-In Fleets Initiative (PIFI), launched with the Energy Saving Trust and EDF Energy to help major organisations integrate more electric vehicles into their fleets. 

This is the second time the company has secured funding from IP Group, which invested £500,000 from the Finance for Business North East Technology Fund in September 2011 to enable the business to focus on becoming a niche software provider for the electric vehicle market and to enable it to create strategic partnerships.

Colin Ferguson, CEO of Route Monkey, said: "We set ambitious targets for growth after securing the funding in 2011, which we have now exceeded. This second tranche of investment, which we are extremely grateful to IP Group for, will allow us to accelerate our expansion strategy and capitalise on a growing UK and overseas marketplace."

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