Gloucester based Henvis Group Limited, trading as QuoteHub, has received a £250,000 loan from the British Business Bank’s South West Investment Fund to support its continued growth.
The funding was secured via appointed Fund Manager, The FSE Group and will support the further development and rollout of the company’s AI-powered sales technology for the electrical wholesale sector.
Based in Gloucester, QuoteHub has developed a digital procurement platform that helps electricians source materials more quickly and efficiently. Having already attracted more than 1,000 active electricians, the platform allows users to build kit lists, access real-time pricing from partner wholesalers and place orders through a single app, reducing the time spent sourcing products and managing suppliers.
The company is now building on this foundation with George AI, an AI-powered sales engine designed to automate product selection, quote building and upselling for wholesalers and manufacturers. By acting as a digital trade counter, George AI aims to help electrical wholesalers increase sales, improve efficiency and serve customers around the clock without adding significant operational overhead.
This new funding will be used to recruit AI engineers and developers, expand the company’s AI infrastructure and data capabilities, refine the George AI product and support the onboarding of early wholesale partners. The business also plans to establish a development hub in Bristol as it scales its technology team.
Oliver Henson, CEO and co-founder of QuoteHub, said: “We created QuoteHub to make life easier for electricians, helping them source products quickly and keep projects moving. As we’ve grown, we’ve seen a much bigger opportunity to modernise a sector that has traditionally been underserved by digital tools. This funding gives us the resources to accelerate development of George, expand our team and bring the technology to more partners across the industry.”
Amanda Sheppard, Investment Manager at The FSE Group, added: “QuoteHub has built a clear understanding of the challenges faced by electricians and wholesalers, identifying an opportunity to use AI in a practical way that could deliver real efficiency gains for businesses across the sector. We’re pleased to support the next stage of the company’s growth and look forward to seeing the business build on the progress it has already made.”
Lizzy Upton, Senior Investment Manager at the British Business Bank, said: “Digital and technologies is one of the eight growth-driving sectors identified in the Government’s modern Industrial Strategy and the British Business Bank is focused on improving access to finance across these sectors. This investment from the South West Investment Fund will help QuoteHub develop its AI technology, expand its team and create skilled jobs in the South West.”
The opportunity for digital transformation within the electrical wholesale sector is significant. QuoteHub estimates the UK electrical wholesale market to be worth around £4.2 billion, with many businesses still relying on labour-intensive processes and limited automation. The company believes George AI can help wholesalers improve productivity, optimise margins and deliver a better customer experience while fitting into existing ways of working.
The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. It offers a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. The fund is increasing the supply and diversity of early‑stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.