Prism Network, the national disaster recovery and building repairs specialist, today announces it has secured the second tranche of a £2m investment package from venture capitalist Midven and ABN AMRO Commercial Finance, allowing it to implement the next stage in its growth strategy.
The second tranche investment follows Midven’s initial investment announced in September 2013 which saw Prism double its headcount, launch a new innovative drying service Prism Fire & Flood, increase its network of contractors around the country and grow the business by an overall 80%.
This year it plans to use the investment to further the growth of its disaster recovery business, with a specialist focus on Commercial and HNW, explore new areas for growth as well as expanding Prism Fire & Flood. Prism has already this year signed deals with insurers Hiscox, CNA and Home & Legacy to provide disaster recovery and repair services on their HNW and Commercial business.
Mark Orton, Managing Director at Prism Network commented: “It’s been an amazing journey over the past 18 months since we secured the initial investment; we have succeeded in making our mark to become a major supplier in the commercial and HNW diaster recovery and repair market. We have focussed heavily on our vision to bring an integrated service to what was previously a fragmented market and this has paid dividends. Brokers and insurers have experienced the time and cost savings to be had from a transparent end to end repair network that factors in overall claim indemnity spend, including business interruption.
“We will not be resting on our laurels however; I’m delighted that we have secured this second tranche of funding and excited that we are now implementing the second stage of our growth plan.”
Prism Network has created a unique integrated approach, based on the board’s combined 36 years’ management experience in the insurance, construction and property industries. It operates in a completely transparent manner and this ensures that all cost savings are passed directly to the insurer or broker, without sacrificing customer service.
Importantly it also employs an innovative cloud based job tracking software that is fully integrated with its telephone system which ensures a fast response customer service, and allows the client to be updated in real time at all stages of the reinstatement process.
About Prism Network
Prism Network provides a national disaster recovery and a building repair service to the insurance and property sectors. Serving both commercial and domestic property, Prism works closely with insurers, brokers, loss adjusters, facilities managers, property managers and property management companies helping to provide a rapid, professional and efficient customer service offering to their client base.
Midven Limited is a privately owned commercial fund manager with a successful track record of investing in small and medium-sized enterprises in the Midlands. Midven manages five funds representing £61m under management. The funds have invested in a wide variety of sectors, including software, biotechnology, healthcare, engineering, manufacturing and distribution.