The North West Fund for Venture Capital closes third £500,000 investment in February

A Liverpool-headquartered business, which helps organisations improve performance, has pulled in £500,000 worth of investment.

A Liverpool-headquartered business, which helps organisations improve performance, has pulled in £500,000 worth of investment.

The North West Fund has backed Thirsty Horses through its Venture Capital division, a fund managed by Enterprise Ventures.

Thirsty Horses, which provides a system aimed at supporting medium and large businesses to improve performance, will use the cash it has received to increase sales and marketing for its Inspire system.

The business has outlined plans to create 29 new jobs within the coming three years as it works with organisations of over 1,000 staff. So far, its services have been trailed in locations including hospitals and large corporates.

Thirsty Horses was co-founded by Ray Pendleton and Maurice Spillane. Pendleton was previously director of organisational development at Aintree University Hospital and has taken part in government think tanks.

Alongside the £500,000 investment, Glyn Read has been appointed as chairman, while Fintan Kelly comes in as director.

Pendleton comments, ‘I am thrilled to have secured the investment that will allow the company to deliver its plans for growth.

‘I regularly speak with leaders from all sectors and it’s clear that, especially in these austere times, there is a need for an approach that empowers people to act in a way that is aligned to organisational goals and values.’

The deal for The North West Fund represents the third time this month that it has made an investment from its Venture Capital fund. Earlier in February it supported the growth aspirations of fellow Liverpool business Ph.Creative through an identical £500,000 deal. It also provided backing to entrepreneurial brothers Simon and Ian McDermott and their company Loksys Solutions.

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Will Clark, investment director at The North West Fund for Venture Capital, says, ‘Inspire software benefits from Ray’s experience in both the public and private sector and is the only programme which links individual performance with tools to help managers improve the business.

‘With public sector budgets under particular pressure, it could play an important role in improving service and performance in the NHS and local government.’

The North West Fund is provided jointly by the European Regional Development Fund and the European Investment Bank. It backs businesses with debt and equity financing which are based in, or relocating to, the North West of England.

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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