A YORK-based software developer has become the first business to benefit from a new £5 million regional fund after securing £50,000 to grow its customer base in the property sector.

TouchRight Software tied down the five-figured business loan from Finance Yorkshire as it looks to expand its customer base though additional software development and targeted marketing.

The investment will enable the company to employ at least two people including an in-house developer.

TouchRight was founded by husband and wife Terry and Rachel Lightfoot, and specialises in providing software that enables property professionals and letting agents to produce reports for landlords instantly from a laptop, PC or mobile device.

Finance Yorkshire has supported TouchRight with the £50,000 loan, which is the first investment from its Extension Fund, which is backed by a total of £5 million from the Leeds City Region Enterprise Partnership (LEP) and Sheffield City Region LEP.

Ian Atkinson, investment manager at Finance Yorkshire, said: “Terry and Rachel are passionate about bringing the latest technology to the property world.

“They have built this business from scratch and already have some impressive names as clients.

“Now they need to take their software to the next level, which is exactly what our investment will help them to do.”

TouchRight Software is based at the Hiscox Business Club, a designated office space offered at the York insurance provider.

Mr Lightfoot’s believes there is a large market for the TouchRight product in the property sector. He said: “It takes time to produce high quality, detailed reports for landlords. These are often still transcribed by hand and can end up sat on desks for days while agents go about their busy jobs.

“We thought there was a better way than the traditional pen, paper and camera method. Our software and app not only saves paper but gives people the power to send fully customised reports to landlords on the same day as the inspection.”

The company was introduced to Finance Yorkshire by business adviser Martin Bell of Red Sky who also assisted the company with its funding application.

Roger Marsh, chairman of the LEP, said: “The investment in TouchRight Software to develop innovative products is a clear example of how such finance can make a difference by creating jobs and laying the foundations for further expansion.”