Non-executive chair appointed as part of deal.
A retail solutions firm that provides software services to the equestrian trade has won investment worth “multi-millions.”
Citrus-Lime - which also works with independent retailers in the cycling and outdoor sectors - has attracted the attention of equity company BGF.
As part of the deal, David Quantrell joins Citrus-Lime as non-executive chair.
David has chaired Retail Insight and LineView. He’s held non-executive roles at Egress and AIM-listed Oxford Metrics, plus executive positions at Hewlett Packard, McAfee and Box.
Citrus-Lime’s best-known product is its Cloud POS integrated point-of-sale and e-commerce retail platform.
The Cumbria based company says the multi-million-pound investment will support its ambitious growth plans, including technology development and accelerated expansion in UK and international markets.
Citrus-Lime already has a US base, and supplies Cloud POS to retailers in Europe and Australia.
“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,” says founder and CEO Neil McQuillan
“BGF has a strong track record of supporting high-growth SaaS [software as a service] businesses, and their partnership equips us to scale in a way that preserves the customer outcomes we’re known for.”
The Citrus-Lime investment transaction was led by BGF investors Josh Bean and Courtney Walker. It’s part of a £3 billion package to support high-potential companies across the UK, over the next five years.
Of this, £300 million has been earmarked for businesses in the north-west.
“Citrus-Lime is a standout business with a growing and increasingly international customer base,” says Josh.
“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.”
