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NSEI invests GBP350,000 in price comparison firm

Windsor-based Cogenta Systems has opened a data management centre in Newcastle following a GBP800,000 investment, including GBP350,000 by venture capital firm NorthStar Equity Investors.

The investment by NSEI came from its Co-Investment Fund, while an additional GBP450,000 was raised by Hotspur Capital Partners.

Cogenta Systems, which sits in the price comparison sector, has developed technology which gathers product price and availability information.

The investment will be used to fund the opening of the North Eastern division of the Cogenta Systems and allows the company to provide customers with the best deals online at Sccope.com or to their mobiles with the iPhone app.

The North East opening will be followed by the company launching an email service ensuring shoppers are kept up to date with deals and price movements.

Douglas Orr, chief executive officer of Cogenta Systems, says: “Opening an office in the North East seemed like a natural step for us, we will now have the staff to bring the best shopping deals to customers in the UK and soon in Europe. To date we have focussed on providing competitor intelligence to retailers but we now can bring deals to customers. I have personally saved between 30 to 80 per cent on products from seeing the daily datafeed so the North East funding can make everyone ‘canny’ shoppers.”

Alasdair Greig, investment manager at NSEI, adds: “It is a great opportunity for us to invest in Cogenta Systems. Cogenta is a very innovative Company with the best product pricing data in the UK, and we believe it has great growth potential.”

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