Traverse Automation Secures New £650,000 Funding to Drive Growth of Innovative Technology

Traverse Associates, a leading automation software firm based in Cheshire, has successfully secured a £650,000 funding package, pushing the total support from the Northern Powerhouse Investment Fund (NPIF) beyond £1 million.

This new investment is part of a larger funding round and includes contributions from the management team and travel industry veteran Mal Barritt, Chairman of Traverse and CEO of Traveltek.

The funding is provided by NPIF-Maven Equity Finance, managed by Maven Capital Partners, and marks a continuation of Traverse’s growth journey supported by the Northern Powerhouse Investment Fund. Traverse previously received a £500,000 investment from NPIF-Maven Equity Finance in September 2023.

Founded in 2007 and headquartered in Preston Brook, Traverse provides cutting-edge intelligent automation solutions for the travel and leisure sectors, helping businesses optimise back-office operations and achieve substantial time and cost efficiencies.

Traverse has demonstrated robust performance, expanding its customer base, doubling its annual license fees, and enhancing its sales, development, and finance teams with key appointments.

The latest funding round will accelerate the development of TaskFlow by Traverse, Traverse’s proprietary Intelligent Automation technology. TaskFlow by Traverse, sold on a consumption model, makes intelligent automation accessible and affordable for both SMEs and large enterprises.

Tom Parton, Investment Manager at Maven, commented: “With a strong reputation and innovative technology, Traverse is making significant strides in the travel sector. This latest funding round exemplifies Maven’s commitment to supporting companies through various growth phases, helping them achieve key business milestones. We look forward to continuing our partnership with Traverse.”

John O’Neill, CEO of Traverse, added: “Our expansion wouldn’t have been possible without the funding and guidance from Maven. Having an investor capable of providing capital at different growth stages has been crucial to our scaling efforts. We are excited about the future and look forward to working with Tom as we embark on the next phase of our growth journey.”

Comment from Joe Sadler Chief Revenue Officer; “I'm thrilled that we have managed to secure another round of investment from Maven Capital Partners. This significant financial boost will enable us to accelerate our growth trajectory, enhance our product offerings, and expand our market reach. With Maven's support, we are well-positioned to innovate faster, deliver greater value to our customers, and create more opportunities for our team. This partnership is not just an investment in our company, but in the positive impacts we are committed to making in the Travel industry.”

Browne Jacobson advised Maven, and Ward Hadaway advised Traverse on the deal.