The North West Fund for Digital & Creative, managed by AXM Venture Capital, has invested in Liverpool-based Adaptis Solutions to boost its 'Dash' transaction processing platform, which serves the transport and travel management markets.
Dash allows cashless parking, passenger transport and taxi payment systems, as well as online virtual permits and licensing. Adaptis works with public authorities across the UK and some of the world's largest parking management and transportation companies.
The North West Fund for Digital & Creative is part of the £185m North West Fund financed by the European Regional Development Fund and the European Investment Bank.
Adaptis will use the money to increase its technical resources and grow the company's marketing and sales team.
Adaptis was founded in 2005 by Manni Marway. He was later joined by chief technology officer Kuldip Pardesi and Graham Smith as chief operating officer. The company has set up permanent offices in Silkhouse Court in Liverpool city centre and is currently recruiting to expand the team.
Marway said: "We are extremely excited about the investment by AXM, who bring strong tactical and strategic experience to the business and really understand the space in which we operate. This expertise will help us to accelerate our Dash platform to the next level of business growth."
David Smith, fund manager of the North West Fund for Digital & Creative and investment director at AXM Venture Capital, added: "Adaptis is a great example of a bright, experienced founder team which has grown a profitable business, so far using only their own capital, and which the Fund can help accelerate in a high-growth market. We were particularly pleased that the company chose the North West as the location for its first permanent offices."