NVM Private Equity backs the London-based employee engagement platform with growth capital.
"This is a really exciting deal for NVM. We were impressed from the outset by the clear vision Luke has for the business and the traction he has achieved over the last few years; it’s exactly the type of early-stage business we look to support. Organisations are placing more and more focus on employee engagement and we believe there is great potential for Mo to work alongside them to improve their culture."
"We are using the funds to drive the growth of the business, including the growth of the team, product development and marketing activity. We closed 2018 with a total invoice value of £716k, an increase of 102% on 2017, and for 2019 we are aiming to double our team and hit an ambitious £2m invoice target."
The funding package comprises equity from MMC Ventures and debt from Clydesdale & Yorkshire Bank.
"One of the key reasons our customers opt to deploy the Invenias platform is because of our strategy of continuous innovation. We have seen tremendous demand for our software in the North American market in the last 12 months, with prestigious firms such as ON Partners in Boston, The Toft Group in San Diego and Conroy Ross Partners across Canada, all choosing to run their business on Invenias. This funding package will enable us to meet our growth ambitions as it will empower us to invest in our platform, our infrastructure and scale with our customers."
The funding round was backed by a consortium including Angel Academe, Hambro Perks and Coral Reef.
"Angel Academe should be top of the list for any female founder looking for funding, their network and people are amazing. I hope more women will join them, so they can back more entrepreneurs like me."
