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First investment for Seraphim

By on January 03 2007

Seraphim Capital is to provide £1 million for Lancaster-based card payment services group G-T-P. The deal represents Seraphim’s first investment.

The company supplies white-labelled trade cards to B2B distribution businesses and service providers such as builders’ merchants, electrical distributors and retail chains.

Existing clients include York International, Floors-2-Go and Brandon Tool Hire. The new funding will allow the company to strengthen its sales, marketing and support operation in preparation for partnering the likes of York International in a pan-European roll-out of its trade card services.

G-T-P received financial advice from MBM Commercial, while Katalyst Ventures advised G-T-P’s management. Oglethorpe, Sturton & Gillibrand acted as the company’s solicitors.

Seraphim is a consortium of business angel networks and corporate venturers across the UK, led by GLE, which have joined forces to raise £10 million of private investment with £20 million of UK Government backing to manage one of the UK’s new Enterprise Capital Funds (ECF).

Seraphim was the first ECF to launch in September 2006.

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