FibreCRM has secured a GBP250,000 investment from the Chelverton Investor Club (managed by Chelverton Asset Management) as part of a GBP750,000 funding package, which also includes funding from Cass Entrepreneurship Fund, the Cornwall & Isles of Scilly Investment Fund and the FSE Angel Network.
FibreCRM has created a specialist cloud-based Client Relationship Management (CRM) system specifically for accountants. The CRM integrates the different technologies used by accountancy practices, allowing an easier flow of information and ultimately helping make accountants’ lives easier. The company already has an impressive client list, boasting some of the UK’s most progressive accounting firms, and is experiencing growing interest in its innovative software. The solution helps firms build stronger relationships by being more productive and proactive with their marketing, business development and operations, in addition to bringing much needed visibility throughout the practice.
FibreCRM Founder and CEO, Simon Leek, says: “The investment comes at a crucial time, enabling us to grow the team in Cornwall, build capacity to service increasing demand and continue to innovate. We are thrilled that our product is being so well received by the industry, as evidenced by our recent shortlisting for Accounting Excellence’s ‘Software Innovation of the Year’ award.”
Richard Bucknell, who led the investment on behalf of Chelverton – a specialist investor in sub-FTSE 100 quoted equities and unquoted SMEs – and who will join the FibreCRM Board commented: “Simon and his team at FibreCRM are entering a really exciting period, bringing a genuinely value-adding product to a sector that is now beginning to see the benefits that an industry-specific CRM solution can deliver. We’re very much looking forward to working with Simon and our co-investors over the coming years”.
Ralph Singleton, Senior Fund Manager at The FSE Group, the appointed CIOSIF fund manager, commented: “FibreCRM has created a unique offering which the management team has further strengthened through establishing strategic partnerships with other leading suppliers in the industry. They are now well-positioned to take advantage of the significant opportunities available to them and we are pleased to be helping them achieve their goals.”
Since launching its Investor Club service in 2013 Chelverton has seen a significant uplift in its unquoted investment activity within the equity gap under-served by the more established private equity community.