Peterborough entrepreneur behind former Kiddicare.com secures £10 million support for new venture

The Peterborough founder of e-commerce success Kiddicare.com has just secured a £10 million award to help power new digital start-ups to success.

Scott Weavers-Wright, who was the former chief executive of Kiddicare.com - the internet arm of Peterborough-based baby care supplier Kiddicare, – and business partner Fred Soneya have secured the multi-million commitment for their investment business Haatch Ventures.

Haatch specialises in backing digital start-up business and since its creation nine years ago has made 82 investments in 54 new companies which together are currently valued at more than £400 million.

The new funding from British Business Investments, which is a subsidiary of the British Business Bank, will enable Haatch to extend its investment in high-growth digital and tech-enabled businesses across the UK.

Fred Soneya, partner and co-founder of Haatch, said: “We are thrilled to be working with British Business Investments and to have their support.

"Their commitment enhances our financial offering to our portfolio companies and recognises the critical impact that entrepreneurs have on our economic future.

He added: “Our clear focus on digital transformation businesses has meant that we have been able to capitalise on the adoption of digitisation faced by consumers and enterprises at a pace that has accelerated over the last few years.”

Haatch Ventures operates by investing through its SEIS Fund, which raises cash from individuals to put into eligible companies that it is hoped will make a profit.

Judith Hartley, chief executive of British Business Investments, said: “This commitment will facilitate additional early-stage investment to smaller businesses across the UK.

Announcing the launch of Haatch Ventures two years ago, Mr Weavers-Wright said the aim was to tap into the exciting innovation unleashed by the growth of the internet and digital devices.

He said that e-commerce was proving to be the provider of a wealth of opportunity for tech-savvy entrepreneurs.