Peak Ridge Capital’s venture capital funds, the Avolte Venture Partners Midwest Fund, has made an investment in New River Technologies, a Wisconsin-based technology company that allows financial institutions to aggregate demand for purchased items.
New River develops a web-based software transaction platform that helps financial institutions, specifically banks, aggregate demand for items such as office products or collector coins, reducing cost and providing the power to allocate resources at the branch level.
In addition, those items, and any products sold through their branches, are inventoried and tracked to their customers.
Currently, many banks use basic spreadsheets and other low-tech methods to manage their purchasing and inventory. This product provides banks with an ability to benefit from the buying power involved with being part of a cooperative of businesses purchasing similar items.
"As smaller institutions are competing against large, regional and national banks, this system helps them to reduce costs in an increasingly challenging marketplace. It allows them to realise a level of savings otherwise out of reach to small institutions,” says Michael McNally, chairman and chief executive of Peak Ridge Capital.
Scott Kunz, the general manager of New River, adds: “Peak Ridge has been a vital partner in the successful development of this system. As we commercialise the product we are excited about the vast market potential and the unique opportunity to unite and assist the banking industry.”
The Avolte Venture Partners Midwest Fund primarily focuses on investments in early through growth-stage technology and life science companies in the Midwestern US.