Charles Russell Speechlys advises Puma Private Equity on its investment into Thingtrax Limited
Charles Russell Speechys has advised longstanding client Puma Private Equity on its investment into Thingtrax Limited, an IoT SaaS manufacturing performance software, as part of a £4.3m Series A funding round.
Thingtrax, which harnesses the power of cloud computing, Industrial Internet of Things, artificial intelligence, and computer vision, to convert factories into intelligent manufacturing hubs, had already secured initial investment from institutional investors earlier in the year. The investment is intended to help propel the company’s expansion by means of strategic partnerships, team scaling, and help it broaden its customer base across Europe and US.
The full investment was provided by Puma Private Equity, Concentric, SuperSeed, Vinci VC, Portfolio Ventures, and Haatch.
Puma Private Equity offers growth capital and expertise to best-in-class, ambitious businesses across the UK, irrespective of sector, and works in partnership with management to help businesses scale and create long-term value. It aims to deliver insight, expertise, and a fresh perspective to the portfolio companies it partners with.
Ben Leslie, Investment Director, commented: “We are delighted to have completed this excited investment into Thingtrax, whose powerful platform is already making waves in the manufacturing sector. As always, we are extremely grateful to David, Ashwin, Ayman and the rest of the team at Charles Russell Speechlys for their diligent and expedient advice throughout this transaction.”
Ashwin Pillay, Senior Associate, commented: “This marks our third transaction for Puma this year and, as always, we were thrilled to be called upon for this investment. We know from first-hand experience the value that investment from Puma brings and are excited to see Thingtrax continue to thrive and develop as a result of this investment.”
The team was led by Corporate Partner David Coates and Senior Associate Ashwin Pillay, with support from Ayman Shehata (Associate) and Laurence Whymark (Trainee Solicitor). The wider team included Caroline Young (Commercial Partner), Ilona Bateson (Commercial Associate) and Briony Richards (Employment Associate).
