Latest Route Monkey News
Sep 11, 2019
Let’s set aside the bonkers name as every startup is an algorithm startup nowadays. Newcastle-based The Algorithm People is actually a fleet management software developer and, yes, its software uses algorithms for route planning. Founded in April this year, TAP has raised £500k from the North East Venture Fund, managed by Mercia. If you’re going to launch yet another fleet management product into a well-served market you need a USP or at least a differentiator. Well as it happens, TAP may well have one as their product factors range-limited electric vehicles into the mix – smart! And the product when launched will be offered on a ‘pay-as-you-go’ basis to target smaller delivery firms too. Also smart. It must also be said that TAP’s founders Colin and Sarah Ferguson have form. They founded a similar business, Route Monkey, which they sold to AIM-listed telematics and data provider Trakm8 for £9.1m back in December 2015 (see Fleet management becoming key for Trakm8 ). Route Monkey still trades under its own brand and, guess what, its home page has a splash on “Route Monkey for EV (electric vehicle) drivers”. Anyway, I assume the Ferguson’s have the ‘non-compete’ stuff sorted!