The Newcastle technology start-up secured backing from Mercia and the North East Venture Fund to expand its team and product.
"Sales is no longer about the 'gift of the gab'. It is a repeatable and structured process and technology can help to achieve results faster. Allegrow allows companies to increase sales dramatically by eliminating repetitive processes, allowing sales people to spend more of their time having conversations with prospects and turning cold leads into customers."
The company raised the capital from new and existing backers to support the rollout of home-learning tools.
"Given the backdrop, to attract such strong investor interest is extremely pleasing. The new funding will help us to continue our mission to protect children on mobile devices, whether at school or in the home. Mobile Guardian was already gaining traction as more and more schools around the world began to use remote learning as a key part of a child's education. The lockdown has accelerated the trend, and I want to thank all our staff who have been working hard to support clients from remote locations. Mobile Guardian has an exciting future."
The funding comprises a £200m securitisation facility and £105m in junior debt.
"It is largely unprecedented for a start-up to sign such significant credit facilities with institutional partners. That we’ve been able to do so is a powerful endorsement of our business proposition and the brand that Free2 plans to develop."
The pre-seed round was backed by GC Angels to support product development and user acquisition.
"There has always been an element of awkwardness when trying to gather money from friends for expensive group bookings – we wanted to introduce a platform that would remove the burden from individuals and make their lives easier. As we move closer towards a cashless society, we believe that exchanging money between friends and family should be a completely seamless process, which is why the average Collctiv transaction takes only 10 seconds."