Scots food data management firm TRACEALL GLOBAL has secured £2 million backing from private equity firm Maven Capital and the Scottish Loan Fund.

SLF will provide a £1.5 million loan giving Traceall the working capital it needs to meet new contracts and fund expansion. Clients of Maven Capital are investing £500,000 in the business.

Traceall is based in Bellshill, Lanarkshire. It tracks and monitors equipment and assets mainly in the food and drinks industry. Clients include Coca Cola Enterprises, Jamie Oliver Group and BT Global Services.

The global food traceability market is growing at an annual rate of 8.9 per cent and is expected to reach $11 billion (£7.5 billion) by 2016.

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