New UK Investor Acquires Birmingham-Based Fuel Software Firm

By Anushka Malhotra

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Quick Read: Rose Street Partners acquires Birmingham-based Fuelsoft, marking its first investment, with plans to accelerate the software firm's growth and product development.

Rose Street Partners, a newly launched UK investor, has made its first acquisition by purchasing Birmingham-based Fuelsoft, a longstanding software provider for the fuel distribution industry. Rose Street, which prides itself on offering a unique, long-term investment approach, aims to provide founder and family-owned businesses with alternative exit strategies.

Fuelsoft, founded by David Kingsman and John Allen, will benefit from accelerated product development and team expansion under its new ownership. The deal allows Fuelsoft to maintain its independence while enhancing its growth potential.

Dan Skyte, Founder & CEO of Rose Street, expressed enthusiasm for the acquisition, noting,

"Fuelsoft perfectly aligns with our mission to invest in niche, market-leading businesses."

David Kingsman, who will stay on Fuelsoft's board, added,

"Partnering with Rose Street marks an exciting new chapter for Fuelsoft, allowing us to advance our products and better serve our customers."

What's new

Inicio AI Raises £2.6M in Seed Round to Scale AI-Powered Financial Platform

Inicio AI, a Coventry-based fintech innovator, has raised £2.6 million in seed funding to fuel growth and roll out its FCA-regulated consumer affordability platform.

The funding round was supported by a consortium of high-profile investors, including Rigby Group, Morgan Stanley, Haatch Ventures, Angel Academe, Mint Ventures, and a number of individual angel investors. It also includes a £500,000 investment from the West Midlands Co-Investment Fund (WMCO), managed by Midven, part of Future Planet Capital.

The raise follows Inicio AI’s recent win at Birmingham Tech Week’s OneToWin pitch competition, where it earned recognition for Budgie AI, its intelligent virtual agent designed to help individuals better manage their finances.

The funds will be used to scale the company’s operations, including the launch of the UK’s first FCA-regulated specialist consumer affordability passporting service. This innovation will allow consumers to share verified affordability data with third parties, streamlining financial assessments across sectors.

The company also plans to grow its West Midlands headquarters, adding new talent in tech and data roles to support ongoing development.

Rachel Curtis, CEO of Inicio AI, commented:

“This investment, alongside our OneToWin recognition, represents a major milestone. It enables us to enhance our technology, scale our impact, and help more people take control of their financial future while improving efficiency for lenders.”

The WMCO, jointly launched by the West Midlands Combined Authority (WMCA) and the West Midlands Pension Fund, aims to back high-growth SMEs driving innovation and economic growth in the region through matched equity investment of up to £1 million.

Richard Parker, Mayor of the West Midlands and WMCA Chair, said:

“Inicio AI is a fantastic example of regional innovation. With the right investment and support, local companies like this can launch groundbreaking solutions that improve lives and grow our economy.”

Rupert Lyle, Investment Director at Midven and Fund Principal of WMCO, added:

“Inicio AI’s cutting-edge approach to affordability assessments is reshaping how the financial sector operates. We’re excited to be part of their journey.”

By Anushka Malhotra

16 Apr

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