A startup in Leicester is celebrating after securing a further £1.3m in funding.

e-bate, founded by award-winning entrepreneur Leanne Bonner-Cooke MBE, helps companies manage complex rebate and price incentive schemes – used in pharmaceuticals, manufacturing, consumer goods and construction.

The platform has seen an eight-fold increase in its customer base since 2019.

This latest funding round brings the total raised by the company to over £3m and will enable it to expand its sales team and accelerate product development.

Bonner-Cooke said:

“This investment is key to the next level of growth within our business.

“The next 12 months are going to be very exciting, seeing us reach other markets and geographies with a product that is always innovating for the good of our customers.”

Sandy Reid, deputy fund principal at Mercia, added:

“Our investment into e-bate shows how Mercia can support an exciting and innovative company through its life cycle by deploying capital from our different funds as it grows.”

Mark Wilcockson, Senior Investment Manager at the British Business Bank, said:

“The MEIF is supporting innovative businesses to launch products, create new jobs and enter new markets. This third round of Proof-of-Concept funding showcases the Fund’s commitment to supporting businesses at every step of their growth journey. We encourage other businesses in the Midlands region to consider the MEIF funding options available.”