Route Monkey has received £450,000 from the Finance for Business North East Technology Fund and £50,000 from the Northern IT Research Fund, to accelerate its fleet scheduling software development.
The Gateshead-based company says the investment will help it consolidate its position in the electric vehicle sector and further develop its product range for conventional vehicles.
It will also be used to secure new premises in Gateshead and to grow the workforce by around 20%.
This is the second time the company has secured funding from IP Group plc, which invested £500,000 from the Finance for Business North East Technology Fund in September 2011.
