A CRAMLINGTON-based ‘sustainable computing’ specialist is set to expand its presence in markets around the world after bringing a new six-figure investment into the business.
RefurbThat.com buys and refurbishes bulk lots of computing equipment, adding more than three years to the life of each item in the process, then resells them.
Most of the equipment it purchases originates from large corporations which are upgrading their IT systems after reaching the end of their contracts with the leasing firm that supplied it to them.
RefurbThat.com is one of only five Microsoft Authorised Refurbishers in the UK.
The firm has secured a £150,000 investment from the Finance For Business North East Growth Fund that is administered by fund management firm NEL Fund Managers.
This is the key part of an initial round of £475,000 of funding with other investors being the incoming management team and a US-based fund.
NEL is looking to make around 130 investments over the five-year life span of the Growth Fund
The ERDF 2007-13 programme is bringing more than £300m into the region to support innovation, enterprise and business support.
Managing director Mark Harrison said: “Revitalising the equipment that we purchase makes sense from an environmental sustainability point of view, as well as from a commercial viewpoint, and we believe we’ve only just started to realise the business’s potential.
“Having Microsoft Authorised Refurbisher status gives us a tremendous advantage over our competitors in terms of quality and authenticity.”