CitNow, the video software solution for the automotive industry, has secured £1.2 million in growth capital funding from Santander’s 'breakthrough' programme.
The funding will support the creation of 50 new jobs, allow for new product development and provide for further capital expenditure for the continued rollout of CitNow in the UK and overseas.
CitNow, the trading name of Zype TV, is a personal video presentation tool dedicated to the automotive sector, with applications for sales and servicing.
Established in 2008, CitNow works with 75 of the top 100 UK automotive dealer groups as well as anufacturers, including BMW, Volkswagen and Nissan.
Alistair Horsburgh, chief executive of CitNow, said: “Winning the majority of our 1,000 plus accounts in two years has meant fighting hard to keep business planning and cash aligned.
"We've moved banks twice to maintain our aggressive forecasts, having to cope with UK bank bureaucracy, which appears largely averse to growth. That all changed when we met Santander.
“Its growth capital fund has allowed us to raise seven figures in debt funding to expand our business in Europe.”
The growth capital loan is part of Santander’s 'breakthrough' programme, which aims to support fast-growth small businesses, to help them fulfil their potential.
As well as funding, 'breakthrough' offers companies access to trade missions, business master classes, networking events and support in areas such as finance and marketing.
Growth capital loans are available to businesses with annual turnover of up to £25m which have a demonstrated history of high year on year growth in turnover, profit or employment.