Loan sparks Mass. startup firm’s move to the Queen City
MANCHESTER — A startup company developing technology to manage construction supplies was lured from its Massachusetts location to new quarters in the abi Innovation Hub on Elm Street with the promise of a loan from Amoskeag Industries, a local economic development organization.
International Coding Technologies, founded in Topsfield, Mass., in 2007, developed an identification system for manufacturers of concrete and steel components used in construction projects such as bridges and tunnels.
The company provides a way to identify construction materials and collect information about them over time, using an app on an Android or iOS tablet, cell phone or scanner.
Much of the company’s original financing came from MB Growth Partners, a Manchester-based private investment firm that first invested in 2011.
Jeff Pollock, managing director of MB Growth Partners, declined to reveal the size of that investment.
“We keep that confidential,” he said. “However, I can tell you that it was enough to acquire a significant minority of the company ownership.”
The company needed additional capital to complete a Web-based version of the service that will go live in February, and that’s where Amoskeag Industries stepped in.
Amoskeag pledged a loan of $250,000 on the condition that the company with its six employees move to Manchester. The company began working out of the abi office in December.
“Three of the employees, all senior management, were hired from New Hampshire and are working from the abi or from home,” Pollock said. “When we find a larger space, it will become company headquarters.”
Bill Sirak, executive director of Amoskeag Industries, called the opportunity to attract ICT to Manchester a win-win for all parties. “We’re excited about it for our stockholders, for the company and for the community,” he said.
ICT anticipates growing and expanding its operations in Manchester, according to founder Tom Tilson. “The financial support of MB Growth Partners and Amoskeag Industries has been vital to our success to date,” he said. “And the abi Innovation Hub provides us with cost efficient resources and a positive environment for growth as we build our company.”
According to Pollock, Amoskeag did not have to do much arm twisting to get ICT to Manchester as part of the financing deal.
“To their credit, they understand the importance of a strong technology sector to future economic growth,” he said. “We appreciate this kind of local financial support and the benefits of the Manchester ecosystem, so we readily agreed.”