Isle of Wight business gains £4m investment to expand
Tuesday May 17th, 2022
Maritime intelligence service VesselsValue who are headquartered on the Isle of Wight, is driving forward its expansion plans after securing a £4m funding package from Lombard.
The company launched more than a decade ago to provide insights and analysis on the maritime markets.
In October 2021, it diversified with the introduction of VV Aviation to offer valuation and transaction intelligence for commercial passenger aircrafts.
The company tracks more than 77,000 vessels and currently has 36,000 aircrafts on its platform.
Growth ambitions in aviation sector
The funding package from Lombard will support VesselsValue’s growth ambitions in the aviation sector, as it looks to invest in new data, technology and services, and expand to cover other module and aircraft types including business jets, freighters and helicopters.
The investment follows a significant period of growth for the business, which saw revenues increase by 29 per cent to £10m and profits of £2.2m in 2021.
Toby Parker, head of finance at VesselsValue, said: “Expanding and diversifying our business within the aviation space will allow us to cross-sell opportunities to our maritime base of financial services and professional services customers, and open new target markets such as aircraft owners and operators.
“We are committed to providing our clients with objective and transparent market intelligence in new and innovative ways.
“The funding from Lombard will be crucial for us to achieve our growth objectives and the service we have received has been exemplary.”
Yan Skuse, relationship director for technology specialist sales at Lombard, added: “Working with VesselsValue and seeing the businesses appetite to scale and to disrupt markets through innovation is exciting and fulfilling.
“Our expertise in this asset class allows us to release capital that has been tied up in its intellectual property, helping VesselsValue accelerate its growth plans.
“We are glad to assist the business as it embarks on this continued period of significant growth and look forward to seeing its ambitious plans come to fruition.”
Matt Willis, NatWest senior relationship manager, added: “VesselsValue is a fantastic business based on the Isle of Wight.
“They are on an upward trajectory, and we are delighted to help support this local business’ ambitious growth plans through Lombard Intellectual Property Funding (IPF) while further developing their banking relationship with the NatWest Group.”