Trade Chimp has joined forces with fellow Hull business Arc Studios in a joint venture product development deal.
The agreement sees software development experts Arc Studios – who built the Trade Chimp app – take an undisclosed equity stake in the company.
Trade Chimp provides operational and administrative support to tradespeople and small trades businesses around the UK with up to 10 staff.
“Reaching an agreement with Arc Studios at this crucial stage in our launch is a real milestone for us, cementing our future product development and freeing up capital resources,” said MD Sam Overment.
“Arc Studios are an ambitious team of Tech professionals who have already established an excellent company – it’s a real win for us to have them on board.
“As well as further developing our product offering, the joint venture demonstrates that Trade Chimp is here to stay and that users can expect more exciting things to come as well as the continuation of our excellent customer service.”
Arc Studios will provide ongoing support in the form of new and improved features to the app, such as integration add-ons, so users can link up their Trade Chimp system with their preferred accounting package.
Arc Studios Director Tom Findlay said: “The creation of the Trade Chimp app is one of the most exciting projects in which we have ever been involved and is quite clearly ground-breaking in what it has set out to achieve.
“Here at Arc Studios we have a proud track-record of new product innovation and once again we have been able to apply the latest digital technology methods to create a genuinely unique, new, useful and relevant business development and administrative tool for small trades businesses.”