Document Direct lands £300k North West Fund investment

Document Direct has secured a £300k investment from the North West Fund for Venture Capital.

The Liverpool-based company, which provides transcription, typing and document services for medical centres and law firms, plans to use the six-figure boost to drive growth in 2016.

The cash follows on from a £400k investment from North West Fund for Venture Capital, which is managed by Enterprise Ventures, in March this year. Since then, Document Direct has received endorsement from the Law Society of England & Wales, becoming the society’s exclusive outsourced transcription partner.

Document Direct’s CEO, Martyn Best, said: “This second investment from the North West Fund will help us develop further in 2016 and beyond and highlights the confidence that the Fund has in our leading-edge technology and service.

“The Law Society endorsement has highlighted the growing trend towards using our service and we are becoming an integrated delivery partner across a growing client base.”

Enterprise Ventures’ investment director, Will Clark, said he believes Document Direct is developing a “strong portfolio” of UK-based clients.

Speaking further, he said: “The company has also made a breakthrough in the Irish market, winning business from three of the top 10 legal firms.

“As only around 2% of law firms outsource typing services at present, there are significant opportunities for expansion. This latest round of funding will support its continued growth and development.”

Law firm Hill Dickinson LLP’s corporate partner, Craig Scott, advised Document Direct during the second funding round.

He said: “As a significant user of Document Direct services, my firm regularly sees the quality of service that they provide to the legal sector and this continued funding support for the growth of the business by the North West Fund for Venture Capital is encouraging to see as the business seeks to expand further in the legal and medical sectors.”

The North West Fund for Venture Capital is jointly financed by the European Investment Bank and the European Regional Development Fund.

Law firm Brabners LLP acted on behalf of the North West Fund on the investment.

Andrew O’Mahony, a partner at Brabners, said: “We were delighted to act for the North West Fund on this further investment to assist Document Direct in its exciting future growth plans.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →