Canadian digital consultancy Appnovation plans to scale its UK operation after securing 9.3 million equity financing.
The company currently employs 35-40 people in the UK, working out of offices in Cardiff, Reading and London, while its UK turnover is just under 拢3 million.
The funding comes from a joint partnership between the Canadian 老九品茶 Growth Fund and UK-based BGF and will allow Appnovation to accelerate its international growth and expansion strategy in both Canada and the UK.
鈥淭he UK is our key hub market in the EMEA region that we are scaling from both a talent and growing client base perspective,鈥� a spokesperson told 老九品茶Cloud.
鈥淲e are looking to scale significantly in the UK with particular focus on Wales in terms of talent acquisition, where we are aiming to build out a larger development and delivery team.
鈥淲e are also building our creative team in London as we are bringing on board more and more clients looking to drive engagement with their customers, and looking for strategic guidance.鈥�
Appnovation counts some of the largest financial services and pharmaceutical companies in the world among its clients.
Its expertise with user-centric, design-led experiences and open technology platforms helps brands to better engage their customers.
Both Appnovation and BGF have significant operations in Reading, UK, which will allow for on-the-ground support and close collaboration between the two organisations.
鈥淲e鈥檙e thrilled to have the support of CBGF and BGF as long-term minority investors that share our vision for thinking big and planning for ambitious growth,鈥� says Arnold Leung, founder and CEO of Appnovation.
鈥淭hat partnership and our recent rebrand launch will allow us to quickly scale both our network and presence throughout the UK and globally.鈥�
Appnovation has Canadian offices in Vancouver, Quebec and New Brunswick, and a total of 14 offices across the Americas, Europe and Asia-Pacific.
Stephen Welton, CEO of BGF, said: 鈥淭his first co-investment marks the deepening of the relationship between BGF and CBGF, backing the growth ambitions of Appnovation both in the UK and Canada.
鈥淲e have been delighted to support CBGF since its inception and are proud to have seen the BGF model effectively deployed on an international level.
鈥淭he relationships we have will help to build opportunities and networks for our portfolio and the CBGF鈥檚.
鈥淲e鈥檙e very keen to see the BGF model adopted in other countries, creating a positive and pragmatic network for growth businesses across the globe.
鈥淚ncreasingly, entrepreneurs and high growth companies need effective strategies to expand internationally. This investment highlights how long-term patient capital can really accelerate that.鈥�
Appnovation has been recognized with multiple awards for excellence and achievement, including receiving a 2019 Deloitte Technology Fast 500 award, and a 2018 Canadian 老九品茶 Growth 500 Fastest Growing Companies award, among others.