Nubreed Hotels received the funding from First Enterprise - Enterprise Loans through the Midlands Engine Investment Fund (MEIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
Nubreed hotels enables event organisers, ticketing companies and venues to monetise their attendee’s accommodation, using software that sits on their affiliates website and displays discounted and curated hotel rates specifically for the event.
The funding will allow the company, whose portfolio of clients includes Barclays, Calor Gas and Loughborough University, to manage the disruption of the Covid-19 pandemic and begin expanding its services.
The company is planning to build its proprietary hotel booking software and hire five new employees to support an ambitious expansion as the events industry reopens.
Joe Wicks, founder and director of Nubreed Hotels, said: “Although we had a roaring first nine months of trading, when the pandemic hit and events got cancelled, hotel bookings followed and our revenues dried up overnight.
“The funding from First Enterprise - Enterprise Loans has been a lifeline whilst the industry has remained closed. It has also allowed us to invest in our technology offering and launch a much improved booking experience for our customers a lot faster than we could have achieved without the funds.”
Matthew Wright, investment manager at First Enterprise - Enterprise Loans, commented: “We’re delighted to be able to support Joe with his expansion and technology investment. He has a wealth of knowledge and expertise in the events industry and I’m confident their new launch in October will be a success.”
Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership, said: "The visitor economy plays a vital role in Greater Lincolnshire and the last 18 months have clearly been extremely challenging for the sector.
"It's important to support innovative start-up businesses that grow out of the hospitality sector and we applaud First Enterprise and MEIF for helping this pioneering business to survive and prosper."