Rugged Logic, a provider of custom-built financial spreadsheet systems, has received more than £600,000 from a funding round led by the Merseyside Special Investment Fund (MSIF).

Rugged Logic, a provider of custom-built financial spreadsheet systems, has received more than £600,000 from a funding round led by the Merseyside Special Investment Fund (MSIF).

Other investors include the Liverpool Seed Fund (LSF), the Northwest Regional Development Agency (NWDA) and Business Liverpool.

MSIF invested £400,000 from its Venture Fund with £150,000 provided by the LSF, which is managed by Alliance Fund Managers. A further £75,000 was injected by NWDA and Business Liverpool.

Venture Fund investment director Mark Borzomato said he decided to invest in Rugged Logic due to the strength of its product and the experience of its management.

Rugged Logic is led by managing director Nick Bowles, who said the company will use the funding to develop its business. Bowles is joined on the company’s board by executive chairman Geoff Bristow and product development manager Marco Borria.

The company, which has recently relocated to Liverpool from London, works with financial software specialist Cashflow Wizard to create systems to help businesses improve their cash flow forecasts.

Rugged Logic’s spreadsheet systems can be bought and used through the Internet and are accredited by the Institute of Chartered Accountants in England & Wales. Its clients include accountant PricewaterhouseCoopers and communications giant BT.