Digital Training Solutions secures investment from Maven and GC Angels

We’re excited to announce that we have received an investment from NPIF, Maven Equity Finance and the Angel investment division of The Growth Company, GC Angels. The investment will take us through the next steps of our Near-Life™ immersive learning journey, and we are grateful for the support we have been given.

The new investment will contribute to:
  • Improving Near-life™ software
  • Supporting research and development
  • Creating new employment opportunities

Our CEO, Mike Todd said “We’re delighted to have received this show of support from the Maven team and the Growth Company. It’s an exciting time for EdTech and interactive video and we’re looking forward to using this investment to take our innovation to the next level”.

Dave Furlong, Investment Manager at Maven said “DTS is a pioneer in Near-Life™ technology developing impressive software for a range of industries that benefit from their gaming approach to training. We’re delighted to support Mike and the team, and we look forward to working alongside the company as they enter their next phase of growth”.

We are looking forward to the next phase of Near-life™ technology, to reach new heights with our bespoke, interactive, immersive, role-play training.

Source: https://www.dtslimited.net/near-life-investment/

Maven backs Symphonic Software

Maven has led an investment in Edinburgh-based Symphonic Software (Symphonic), a leading player in the Identity and Access Management (IAM) market.

Symphonic has developed a software solution that enables organisations to securely share critical, time-dependent and sensitive information by managing access to data and services in the inter-connected digital economy. Its platform enables the user to set rules and controls, even for the most complex administrative requirements, at extreme granular levels. 

Symphonic is helping businesses respond to the rapidly emerging requirement for sharing data both inside and outside an organisation, while maintaining compliance with internal policies and external regulations. Data security, General Data Protection Regulation (GDPR) and Open Banking regulations are just some of the initiatives forcing Symphonic’s financial customers to undertake major re-engineering programmes that inevitably involve the deployment of a sophisticated access management solution. As a result, the IAM market is growing rapidly and is forecast to be worth in excess of $20 billion by 2022.

Symphonic’s solution enables financial institutions to manage the new, complex access patterns resulting from these regulations whilst delivering the right balance between security and customer experience. Its clients can react quickly to new threats whilst lowering their costs by defining their access control policies in a single location.

The funding from Maven will be used to further scale the business, investing in sales and marketing resource, as well as product innovation, to ensure Symphonic continues to offer customers a best-of-breed solution in this important and growing market.

We are delighted to be leading the investment in Symphonic Software. The company operates in a high growth sector driven by significant new regulation. Symphonic is targeting further growth in retail banking and other sectors and is well positioned to expand into new markets. We look forward to working with Derick and his team over the coming years to scale the business and deliver on its growth strategy.

David Milroy, Partner at Maven

Source: https://www.mavencp.com/about/latest/689-maven-leads-investment-in-symphonic-software

Hive HR raises £1.2 million Series A investment led by Maven

Maven has led a £1.2 million investment into Hive HR (Hive). The innovative employee engagement Software-as-a-Service (SaaS) platform Maven co-invested alongside the North East Development Capital Fund, supported by the European Regional Development Fund, Growth Capital Ventures, as well as a network of private investors and management.

The funding will enable Hive to invest in its sales and marketing resource and create a number of new roles to deliver on its ambitious expansion plans, whilst support the roll out of a number of innovative product enhancements.

Hive is a cloud-based platform (www.hive.hr) that supports the HR function of organisations to help them improve employee engagement and communication. The platform collates and analyses employee feedback in real time and on a continuous basis, which serves to continually evolve and improve the HR function within a business, as well as helping to clarify and implement new policies and services for their employees.

The business already boasts an impressive client list across a number of sectors, including banking, government bodies, property and education. These include Hermes, Shop Direct, Travelodge, Tarmac, River Island and various NHS and public sector organisations. 

The cloud services market has grown rapidly in recent years and this shift is particularly prevalent in HR software with SaaS centric platforms set to increase from 28% globally in 2017 to 86% by 2022.

The workplace is constantly evolving, and organisations must remain dynamic to ensure more than ever that they are keeping their employees happy, motivated and engaged. The Hive platform helps remove the additional burden this is creating for HR and leadership teams and is helping them respond better and more quickly to employee feedback to deliver initiatives and services to help retain and motivate staff in what is an increasingly competitive environment. John has built an impressive senior management team around him and we are delighted to support the business as it enters an exciting new phase of growth.

Alex Marsh, Investment Manager at Maven

Hive has grown quickly in the last three years with very little capital. The whole team are now excited about what we will achieve with the additional backing from investors and are really pleased to welcome Maven as part of this round.

John Ryder, Managing Director at Hive HR


Manchester based Collabor8Online raises £150,000 Seed investment from Maven

Software solutions business invests in technical innovation to expand customer reach and grow team following funding from NPIF

Maven Capital Partners (“Maven”), one of the UK’s most active SME finance providers, has invested £150,000 in cloud-based project management system, Collabor8Online (“Collabor8”) on behalf of NPIF – Maven Equity Finance (“NPIF”), part of the Northern Powerhouse Investment Fund. The funding will support the expansion of the senior management, including the appointment of a Chief Technology Officer, strengthen the sales team and invest in extensive product development. Collabor8 will also use the funds raised to commence a targeted contact marketing campaign to better penetrate its customer base in niche sectors, principally construction and associated professional services.

Collabor8 is a cloud-based project management software providing a fully managed file sharing service that enables users to manage projects, files and tasks online. Requiring no specialist IT expertise or investment in sophisticated architecture, SMEs can be up and running within 24- hours. Larger businesses can self-host the software behind their own firewall, giving them a turnkey solution that can be deployed instantly throughout their organisation. Collabor8 supports a range of customers including Ikea, NSPCC and provides subscription-based usage to a number of small business clients.

The implementation of cloud-based enterprise collaboration solutions is expected to fuel the growth of the collaboration market in the coming years. The enterprise collaboration market is expected to grow [globally] from $26.68 billion in 2016 to $49.51 billion by 2021.

Collabor8 was founded by software specialist Colin Barnes, who has over 35 years’ experience writing PC-based software aimed at the construction and contracting industry within the UK. Colin is supported by Business Development Director, Stephen Barnes, a marketing graduate and trained developer with a wealth of experience in business development and relationship management working for organisations such as XBC, Next and Adidas.

Colin Barnes, Founder of Collabora8, said: “This investment gives us a fantastic opportunity to expand and further develop our business. Our product is ideally placed to meet the needs of businesses who are looking to share and manage their documentation more securely. We look forward to meeting the needs of an ever-growing market sector”
 
Dave Furlong, Investment Director at Maven, said: “We are pleased to be able to support Colin and Stephen in the next stage of Collabor8’s development. The impressive client wins achieved to date demonstrate the need for the Collabor8 product, and we expect the enlarged team that this investment will finance will deliver on the significant potential for growth that we believe exists. We look forward to working with Colin and Stephen to assist with achieving this.”

Sue Barnard at the British Business Bank said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. We are pleased to continue that momentum with this investment and are proud to continue our commitment to unlocking the North’s growth potential by supporting business communities with vital investment.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.


—ends—


Further information
For media enquiries or any questions about the investment, please contact:
Maven Capital Partners
Nikola Clarke 0161 233 3520 nikola.clarke@mavencp.com
Sapience Communications (PR to Maven)
Richard Morgan Evans
Tania Wild

020 3195 3240 maven@sapiencecomms.co.uk

Notes to Editors

About Maven Capital Partners UK LLP

About Maven Capital Partners UK LLP www.mavencp.com @maven_cp
Maven Capital Partners UK LLP (Maven) is an independent private equity house focused on the provision of flexible equity and debt funding for UK SMEs, and one of the most active managers in the UK having invested over £350 million in British businesses since 2009.

Headquartered in Glasgow, and with other offices throughout the UK, Maven has over 80 investment and support professionals providing a truly nationwide coverage. Maven has £600 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, UK regional fund mandates, and Maven Investor Partners – a syndicate of institutional, family office and experienced investors.

For more information about Maven visit: www.mavencp.com and funds.mavencp.com/npif

About The Northern Powerhouse Investment Fund

The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.

The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.

The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company. The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding.

The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.

The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.

The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb

Mojo Mortgages secures £7 million from NVM Private Equity to revolutionise the UK mortgage experience

February 12th, 2019 Macclesfield, UK.

• NVM Private Equity and Maven Capital Partners back Mojo Mortgages

• Total funding reaches almost £8million

The fast-growing online mortgage broker, which already raised £800,000 in an earlier seed funding round, will use the investment from NVM Private Equity and Maven Capital Partners alongside other investors to continue its rapid growth and innovation.

Launched just one year ago by industry entrepreneurs Richard Hayes and Nick Sherratt, Mojo has helped nearly 50,000 people and saved customers £4million* in broker fees with its online mortgage journey, which dramatically reduces the time it takes a get a decision.

The additional funding will enable the team to further accelerate growth by continuing to evolve its unique and intuitive mortgage experience.

The Series A funding is one of the biggest raises reported outside of London in the last 12 months.

Innovation

Mojo’s algorithm-powered mortgage recommendations give customers more certainty around eligibility and ensures they get the cheapest deal now and in the future.

The disruptive fintech will continue to build upon its suite of APIs – enhancing its online mortgage journey and automated decisioning to enable a true end-to-end experience for its customers and strategic partners.

‘On a mission’

Mojo Co-founder Richard Hayes said: “We are on an absolute mission to deliver the UK’s best mortgage experience and make mortgages easy. The UK mortgage market is the largest in Europe, but investment into the sector has been disproportionate in comparison to other

financial verticals. This has resulted in poor customer experience and a significant lack of innovation. Mojo intends to put that right.”

Co-founder Nick Sherratt said: “Mojo is leading the evolution of the mortgage market. We’re delighted that Maven and NVM have joined our existing investors in backing our ambitious strategy for growth. Through innovation and continuing to build and develop our amazing team, we will achieve our vision of a better mortgage experience for everyone.”

Charlotte Clarke from NVM said: “NVM is incredibly excited to be backing Nick and Rich during the next phase of Mojo’s growth. We are particularly excited by the substantial market opportunity and management’s enthusiasm to create a better mortgage journey for consumers. NVM looks forward to supporting the team as they drive the business forward.”

Jeremy Thompson, Investment Manager at Maven said: “Mojo has created a fantastic platform which allows customers to compare and apply for mortgages online, with advice from experienced mortgage brokers. The Mojo team led by Nick and Richard is on a mission to change the way we buy mortgages in the UK, and they are driven by improving the mortgage experience for customers. Maven are hugely excited to be supporting the team to help them achieve this.”

Mojo helps customers discover great deals from more than 90 lenders and offers free advice on their best option in 15 minutes before handling the entire application on their behalf.

The startup is a finalist in three categories at the 2019 British Bank Awards. Mojo stands to win the Best Mortgage Broker, Innovation of the Year and Best Newcomer titles. Winners will be announced in March.

Mojo Mortgages has featured in This Is Money, Forbes, The Guardian and FT Adviser.

ENDS *Based on average broker fees of £500

For more information, please contact Seb Burchell on 0333 123 0012.

Visit us at: www.mojomortgages.com. Find us on Facebook: facebook.com/MojoMortgagesUK/

Mojo Mortgages provides UK consumers with free personal mortgage advice and recommendation from thousands of products across the entire market. With a laser focus on first class customer experience, Mojo is on a mission to disrupt the mortgage market, to raise the bar on customer experience and bring about the much needed innovation to the industry.

Founded by highly experienced financial service entrepreneurs Richard Hayes and Nick Sherratt, Mojo Mortgages was born from its founders’ frustration with the old, analogue brokerage model that they saw as poor value and too onerous for customers.

Mojo Mortgages is a trading style of Life’s Great Limited, which has been authorised by the Financial Conduct Authority (FCA) for 10 years. Financial Services Register number: 478215

NVM Private Equity is independently owned with over 30 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing more than £400 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK.

NVM seeks investment opportunities of between £2 million and £15 million in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. www.nvm.co.uk

Maven Capital Partners UK LLP (Maven) is an independent private equity house focused on the provision of flexible equity and debt funding for UK SMEs, and is one of the most active managers in the UK having invested over £400 million in British businesses since 2009.

Headquartered in Glasgow, and with ten offices throughout the UK, Maven has over 80 investment and support professionals providing a truly nationwide coverage. Maven has £600million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, UK regional fund mandates, and Maven Investor Partners – a syndicate of institutional, family office and experienced investors.

For more information about Maven visit: www.mavencp.com @maven_cp

NPIF/Maven invests £1.25m to help Cheshire-based accounting software company to double its headcount

The Northern Powerhouse Investment Fund has invested £1.25m to support My Digital Accounts in its mission to strengthen its staff numbers and boost its marketing activity.

The investment was made by NPIF – Maven Equity Finance which is managed by Maven Fund Managers and part of the Northern Powerhouse Investment Fund.

Founded in 2015 in Wilmslow, My Digital Accounts is a provider of cloud-based accounting and pay roll software, aimed at accountants with clients in retail, leisure, IT and construction. The company currently has a subsidiary in India, managing its international operations.

My Digital Accounts’ offering supports the HMRC’s widely-publicised Making Tax Digital (MTD) initiative, which aims to make the government body one of the most digitally-advanced tax administrations in the world and simplify the process
for individuals and businesses managing their tax.

The £1.25m funding will support the company’s mission to double its staff numbers and the development of a North-West focused IT apprenticeship hub. The investment will also be used to scale up the company’s marketing activity, to promote My Digital Accounts’ product offering in line with the MTD campaign.

John Whelan, Founder of My Digital Accounts, said: “This investment from NPIF, will help My Digital Accounts scale its marketing activities to raise awareness of its product offering, particularly to support companies in HMRC’s widely-publicised Making Tax Digital (MTD) initiative which affects all companies with turnover in excess of £85,000.

“Over the last four years, My Digital Accounts has driven an ambition of developing HMRC compliant software, specifically focused on easing the burden of complex tax legislation on temporary workers, and those who look after them, in the UK.

Having already set up a subsidiary in India, My Digital Accounts is looking at further expansion overseas. John Whelan said: “In the longer term, we will seek to expand internationally and assist other governments in embracing the natural evolution of the international employment market and the tax legislation which must, by necessity, exist alongside it.”

Philip Cox, chief executive of the Cheshire and Warrington Local Enterprise Partnership, said: “This is fantastic news for MyDigitalAccounts and Cheshire and Warrington. We are pleased to see that our investment in the Northern Powerhouse Investment Fund is making a tangible difference to businesses. These investments also support the LEP and Cheshire and Warrington Growth Hub’s wider priorities of job creation and skills development, demonstrated by MyDigitalAccounts’ desire to double its headcount and invest in an IT apprenticeship hub. This is an important local business that provides a vital service to both individuals and professionals across Cheshire and beyond and we look forward to their continued growth and development.”

Sue Barnard, Senior Manager at British Business Bank, said: “My Digital Accounts is a company with a unique and useful product which is set to guide both businesses and individuals alike through the process of managing their taxes. With this important offering and global presence through its subsidiary in India, this company is primed for expansion; we’re pleased to be able to support its headcount growth and marketing activity with this investment.”

Gavin Bell, Investment Manager at Maven Capital Partners, said: “We’re excited to be partnering with John and the team at My Digital Accounts, to help support further growth of one of the region’s most innovative FinTech businesses.”

My Digital Accounts were advised by Cowgills – their Director Sam Davies said: “John is a first-class entrepreneur who has built a rapidly growing business in the accounting software sector. From my first meeting with John I knew he was a highly backable CEO, and I believe he has found a great partner in NPIF. 
It’s great to see the NPIF capital being invested into growing technology business in the North West, I am sure this will be an excellent investment for them.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.