SETsquared Partnership helps Brightpearl to tap $1.5M funding

SETsquared, the enterprise partnership of Bristol, Bath, Southampton and Surrey universities has launched new Bristol-based software company Brightpearl into a major phase of expansion, helping the company to secure $1.5 million of funding,

Brightpearl, which develops integrated web-based software for accounting, Customer Relationship Management, stock control and ecommerce for small companies, approached SETsquared in May 2009 for help with business planning. After a year of tailored mentoring and direction, Brightpearl is moving into the global B2B market, armed with a business model, marketing strategy and funding for substantial growth from Eden Ventures and Notion Capital.

Nick Sturge, Centre Director at the Bristol SETsquared Business Acceleration Centre, says, “When we met Brightpearl they were already trading but needed specific advice from people who understood their product and marketplace.”

SETsquared specialises in assisting high tech businesses which have potential for high growth, connecting industry and academic research, through technology transfer, licensing, and creating spin-outs. The Partnership also drives new business opportunities from within the community, called “spin-ins”, of which Brightpearl is an example.

Through its Business Acceleration Centres in Bath, Bristol, Guildford and Southampton, SETsquared has incubated more than 200 companies of which over 80 per cent were spin-ins looking for help to grow their business.

The Business Acceleration Centres offer everything from low-cost desk space for start ups, to entrepreneurs in residence. Brightpearl also took part in SETsquared’s Business Review Panel, in which a bespoke panel of experts in their field challenge the entrepreneurs on strategy, and help identify areas of weakness or scope for development. The venture then takes forward the actions agreed and progress is assessed every four months.

Andrew Mulvenna, co-founder and director of Brightpearl said the Business Review Panel, “Was great for us because it can be tailored to what the company needs at the time. The first panel focused on our markets and business model, but we then needed to get ready to seek investment funding, so our second panel was designed to reflect a typical board meeting where stakeholders and investors would be present.”