BookingLive has secured 拢1.31 million in new investment from Blackfinch Ventures and the Development Bank of Wales.
The funding will help BookingLive with its plans to more than double revenues during 2020, and coincides with a decision to relocate the company headquarters to Cardiff.
Founded by CEO Vinnie Morgan in 2014, BookingLive provides online booking and reservation software to over 700 private and public sector customers.
Its enterprise system clients including Microsoft, BMW, Universal Music Group, the BBC, CAPITA, The City of Westminster and numerous other public sector agencies across the UK.
BookingLive is now expecting to more than double its revenues during 2020.
Vinnie Morgan, BookingLive CEO, said: 鈥淏ookingLive is set to grow rapidly in the next two years, as we continue our success in the UK and look to replicate that success in the US.
鈥淪ecuring the backing of both Blackfinch and the Development Bank of Wales is a great vote of confidence in our company and in our product.鈥�
The company鈥檚 customer base is expanding rapidly thanks to a new freemium Connect booking system, designed especially for small business owners and now in use across forty-five countries. BookingLive has also recently opened a satellite office in Charlotte, North Carolina to focus on expansion in the United States.
Blackfinch Ventures has invested an initial 拢406,000 and 拢250,000 comes from the Development Bank of Wales.
Second payments of 拢406,000 by Blackfinch and 拢250,000 from the Development Bank totalling 拢1.31 million will be made in early 2020.
The investment will be used to expand BookingLive鈥檚 team and marketing presence, for additional product development, and to fund further expansion in the UK and US markets.
As part of its growth plan, BookingLive will relocate its company headquarters to Cardiff during 2020.
Alexander Leigh, Investment Executive with the Development Bank of Wales, said: 鈥淏ookingLive is a high-quality, high-growth tech business that we are delighted to be welcoming to Wales.
鈥淭heir pioneering products and exciting growth plans make the organisation a perfect fit for our Wales Technology Seed Fund; we鈥檙e really looking forward to working alongside co-investors Blackfinch and the leadership team at BookingLive.鈥�
Dr Reuben Wilcock, ventures director at Blackfinch Ventures, added: 鈥淏ookingLive has exceptional traction and we are confident Vinnie will drive strong growth with this round of investment.鈥�