Timber tracking specialist Helveta has raised £3 million in a fundraising round led by new investor, French venture capitalist Succés Europe.

Timber tracking specialist Helveta has raised £3 million in a fundraising round led by new investor, French venture capitalist (VC) Succés Europe.

Existing VC investors Albion Ventures (formerly Close Ventures) and Oxford Capital Partners also participated in the funding round for the company, which helps the timber sector crack down on illegal logging by enabling wood to be traced through the supply chain.

The investment will assist ‘continued international expansion of the company’, which is ‘poised to announce a number of new contracts in key timber-producing nations’, according to Helveta’s CEO Patrick Newton.

David Mott, investment director at Oxford Capital Partners, says, ‘The tougher legislative environment, coupled with the growing ambition of timber-producing countries for recovering lost revenues and for enhancing social responsibility, makes us confident that Helveta is well placed to become a prominent ambassador for the sustainable management of forests.’

Helveta was advised in this funding round by FirstCapital.