Container lock firm secures £500k for international growth

By January 10, 2013Finance, News

A Manchester company which has developed a new system for securing freight containers has received a £500,000 investment from The North West Fund for Venture, managed by Enterprise Ventures.

Loksys Solutions Limited, which is based in Trafford Park, was set up by experienced entrepreneurs Simon and Ian McDermott. The brothers have spent three years developing their patented security system, Trakalok, which combines a tamper-proof lock with a GPS tracking system, enabling containers to be securely locked and monitored throughout their journey.

The system was designed to allow ease of fitting by container terminal staff across the world and to withstand a wide range of operating environments. Trakalok is already being used by customers in Europe, South America and China.

The investment will allow the company to invest in further product development, increase its sales and marketing activities and recruit additional staff for its worldwide support operations at Trafford Park.

As part of this round of funding, Terry Donovan has joined the board as Chairman and Margaret Llewellyn OBE as a Non-Executive Director. Terry has extensive board level experience in the IT sector, while Margaret’s 30 years’ experience in freight includes owning and operating a container shipping line and port facilities.

Doug Stellman, Investment Director for The North West Fund for Venture Capital, said: “Security systems are essential in the freight industry to protect against cargo theft and monitor supply chain integrity, however operating such systems across the globe reliably is technically challenging. We were impressed with the continual progress the company has made in developing the Trakalok system and its success in securing global customers is testament to that.”

Loksys was advised by Alex Clarkson of Diagnostic Capital and Darren Harris of Addleshaw Goddard. Natalie Paddock of Brabners Chaffe Street advised the North West Fund for Venture Capital.

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