We had a great write up in the West of England Growth Fund newsletter after receiving a grant to help develop our e-marketplace concept.
Bristol based Market Dojo is poised to launch an enhancement to their e-sourcing and reverse auction platform that is set to revolutionise procurement through dedicated e-marketplaces, thanks to £24,950 of funding from the West of England Growth fund.
The team, led by Alun Rafique, Nick Drewe and Nicholas Martin, have used the cash injection to fund the initial development of an energy e-marketplace that enables businesses to source information and prices from energy suppliers. The platform then facilitates a reverse e-auction which means that suppliers bid online against each other to supply a company’s energy needs.
Alun Rafique, founder and director said: “Our aim has always been to offer simple to use, cost effective e-auction software that was accessible to any business looking to negotiate a more competitive price from suppliers. Rising energy prices are a key issue for businesses so this was an area we were keen to explore further.
“Existing software didn’t provide the level of flexibility needed to take into account varying unit prices or currencies so we needed to start from scratch to develop a platform that would simplify the whole process. As a relatively young business we didn’t have the capital available to invest in that level of development and that’s where the funding from the West of England Growth fund came in.”
The new software is currently being tested with the aim of launching the product to market later this year. The development of the new platform has also opened up a number of new opportunities for the company who plan to market the software to other sectors.
Alun continued: “Although the platform has been developed for use within the energy market it has been created in such a way that it is easily adaptable for use in any industry, for any product or service, offering us huge scope for expansion into new sectors.
“The funding from the West of England Growth fund gave us the freedom to develop our idea into a workable product which, once launched, has the potential to provide a real boost to our business.”