Summize, the developer and provider of intelligent software for the legal sector, has bolstered team growth, product development and cross-border expansion plans as a result of a £500,000 investment from the Northern Powerhouse Investment Fund, with additional capital from tech investor Charles Sharland.

The Manchester-based firm has created a platform, driven by artificial intelligence (AI) and machine learning, to meet customer demand for digital transformation in the legal sector.

The software gives legal teams the ability to upload multiple contracts and summarise their key points instantly in an easy-to-read summary. It also has a function for users to build bespoke clauses, making contract reviews more flexible and applicable to each legal team’s needs. The platform has been created to automate a previously time-intensive manual process, saving those operating in the legal space both time and money.

Summize’s innovative platform supports both in-house and private practice legal teams, focusing primarily on the corporate, commercial, employment and intellectual property departments. It is also suitable for corporate organisations with no legal function.

NPIF – Maven Equity Finance, managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund invested in Summize in 2019. The impact on the company has been two-fold – firstly increasing staffing by taking the team from two co-founders to 13 employees. Two of these hires included a Chief Technology Officer and a Head of Strategy, with additional recruits to the technical, sales and marketing functions.

The capital has also allowed the company to develop its prototype and bring the platform to market 10 months ahead of schedule, by building its technical infrastructure and investing in more technology. AI and machine learning are now built into the functionality of the product, meaning contract summaries can be created more quickly and efficiently, eliminating the risk of human error.

Summize has short-term plans in place for the next six to nine months to scale its UK customer base and take its headcount to 20. Its two-year plan is to expand into the US and more than triple its headcount to 50 plus employees.

Backed by a highly skilled management team, CEO and co-founder Tom Dunlop is an experienced commercial and technology lawyer, having previously held a position as global legal director for UX insights company UserZoom. He is supported by CDO and co-founder Dave Smith and CTO Richard Somerfield, who previously worked at AppSense as Senior Software Engineer and Principal Software Engineer respectively.

Tom Dunlop, founder and CEO of Summize, said: “We have a truly unique tech product that is set to transform the legal industry, so it has been excellent to have had the support from NPIF and Maven to recruit the expertise we need to bring the product to market quicker. It is already generating a buzz within the legal tech space, so the Summize platform is well-equipped for a busy 2020, with a new team and more software features. We are excited to see where it takes us!”

Grant Peggie, Director at the British Business Bank, said: “NPIF is all about helping businesses like Summize to help commercialise a prototype into a commercial product, but also to recruit the team they need to bring it to market. This investment demonstrates how this funding can make a real and measurable difference to growing innovative businesses across the Northern Powerhouse region, which helps create a more prosperous regional economy.”

Jeremy Thompson, Investment Director of Maven, said: “Summize has developed a platform with a large addressable market set to grow further as more businesses digitise their processes. The team is highly experienced with a range of knowledge across technology and legal sectors. We look forward to working with Tom and the team as they enhance the software and expand customer reach in the UK and overseas.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union, using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

YFM Equity Partners (YFM) has announced the final close of its Buyout Fund II, ahead of target, with £80 million of committed funds and a wave of new high net worth and entrepreneurial investors.

The partner-led private equity firm with offices in Manchester, Leeds, Birmingham and London, now has over £300m of funds under management across a portfolio of 40 companies and typically invests around £5m per transaction. Deals funded from YFM’s Manchester office include Trafford Park-based 4Net Technologies, which is a specialist provider of contract centre services and unified communications; and a £6.4m investment in Runcorn-based The Protein Works, a retailer of healthy snacks.

“The majority of Buyout Fund I investors have come into the new fund which is a strong sign of support from our investor base.
We’re also pleased to have attracted nearly 40 new investors, each typically committing sums of between £500,000 and £5m, which is a great endorsement of our market, approach and performance,” said Mike White, YFM’s partner responsible for fundraising and investor relations.

YFM’s strategy is to raise funds that are invested over three to four years, principally from high net worth, entrepreneurial investors. “This is a different approach to most private equity funds, but it’s delivered flexibility of timing between funds, increased the diversity of investors and works really well for funds of this size,” added White.

Buyout Fund II will continue the strategy of the first fund, typically investing between £3m and £10m per transaction into businesses with strong growth potential located across the UK regions through YFM’s network of offices in London, Leeds, Manchester and Birmingham. The fund is targeting to invest over a three to four year period, extending into 2023.

White continued: “It’s been encouraging that the momentum we have built up has continued to accelerate, resulting in a final close ahead of target. Most of our investors are owner managers who have realised value either partially, or in full, from businesses in the markets and sectors in which we invest. It’s been a real pleasure to meet these successful entrepreneurs who clearly show a strong empathy and understanding of what we do, how we do it, and are comfortable with the types of businesses we invest in.”

David Hall, YFM managing partner, added: “We believe the market for these smaller businesses is less well-served, which was demonstrated by the success of Buyout Fund I, which built its portfolio within three years of final close.

“Clearly, we are in a period of uncertainty at the moment, but as in previous times of uncertainty, we are confident that now is a great time to have a new fund ready to deploy, and that there will be some exciting opportunities for investment.

“We’ve been encouraged by the strong investor appetite and our team is excited by the prospect of having these additional funds to invest in the UK’s smaller businesses. And, having very recently completed one new investment and one successful realisation, we are and remain open for business.”

The UK’s leading price comparison website for football merchandise and sportswear has secured a £1.625m round of investment that will allow the company to roll out the first stage of its expansion strategy and global growth plans.

With an office in Manchester as well as the North East of England, and backed by venture capital firm Northstar Ventures, FOOTY.COM will use the funding injection to increase brand awareness, bolster its workforce and invest in its online technology so its customers can find competitive deals on sportswear with ease.

Established in 2015 by five founding serial entrepreneurs – who have involvement with a string of high profile businesses in the North of England including SaleCycle and The Leighton Group – FOOTY.COM helps customers throughout the UK, Europe and the USA get the best pricing for trainers, football boots, football kits and sports clothing, providing access to thousands of products.

With investment secured – provided both by the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, and a selection of angel investors, the company will now move forward with its plans to relocate to a new office and is now actively searching for talent to bring into the organisation, including experienced marketers and a relationship manager.

Speaking about FOOTY.COM’s investment and vision for the future, its CEO Paul Lucherini, former Commercial Director at J2 Global, said: “We believe we’re the only company globally comparing prices across the football world and the technology we have built is robust and innovative. We’ve got a great opportunity to grow a North West based business into something that millions of people will benefit from.

“The new funding we have acquired will help us reach the millions of football fans around the country, and the world.

“The plan is to build the awareness of FOOTY.COM as well as optimising the technology so that we become the go-to place when people look for new trainers and football-related merchandise. We’re planning for quick growth and ultimately have the opportunity to look at international markets such as USA, Europe and Asia-PAC too.”

Northstar, a venture capital company dedicated to building successful high growth businesses across the North of England, believes FOOTY.COM is a worthy addition to its portfolio of innovative businesses and is looking forward to working with the organisation.

Ian Richards, Director, Northstar Ventures, said: “We’re delighted to be supporting FOOTY.COM, we’ve been impressed by the team and the vision as well as the ability to scale the business. We look forward to working with them as they take their innovative platform further and grow the team.”

Looking ahead to the short and medium term, FOOTY.COM has said it is now well placed to be in a high growth position following the outbreak of Covid-19.

It has said it is on course to achieve a £1m revenue run rate in the next 12 months and expects this to grow to £5m within the next three years.

Paul Lucherini, added: “We’re in a great position following investment to really take the next steps in growing awareness of FOOTY.COM. We’ll improve our technology even further and with our vision of making football affordable for everyone we really feel we can become a household name across the country. The next stage of the journey is going to be an exciting one.

“After the significant impact of Covid-19, we think there will be even more demand online in the short term for people to find the best pricing for products, and long term there will be no shortage of people looking for trainers and football boots as we all get back to regular life.

“The business is in a strong position, in a recovering economy, to help consumers get the best options online and we believe the demand for our type of service will always be there. We just have to look at the impact of comparison sites in other sectors that help consumers and within the sporting world it should be no different.”