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.
For media enquiries or any questions about the investment, please contact:
Maven Capital Partners
Nikola Clarke 0161 233 3520 firstname.lastname@example.org
Sapience Communications (PR to Maven)
Richard Morgan Evans
020 3195 3240 email@example.com
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