NPIF Maven Equity Finance and UK Govt. Future Fund provide new round of funding for software specialist fissara
NPIF Maven Equity Finance has led a £250,000 funding round for fissara, a software platform that enables its clients to plan, manage, schedule and track their mobile workforce as they move, improving business efficiency and reducing costs.
NPIF Maven Equity Finance, part of the Northern Powerhouse Investment Fund and managed by Maven Capital Partners, originally invested £500,000 in fissara in January 2020. Today’s follow on investment, which also includes £125,000 from the UK Government’s Future Fund, will help the Wythenshawe-based business capitalise on new market opportunities created by the increasing importance of digital transformation projects for UK business decision-makers, as a result of the COVID-19 pandemic. Remote working solutions, such as fissara’s, are helping businesses overcome one of the biggest current organisational challenges, ensuring they not only remain operational but have a robust platform in place for future growth.
fissara’s proprietary technology already helps a range of blue-chip clients, such as O2, Motorola, Clarke Telecom, OM-3 and Peel Land and Property Ltd, have detailed control over their resources, allowing them to dynamically manage priorities, that in turn drives efficiencies and reduces costs.
The investment will allow fissara to continue to support the SME sector in its recovery from the COVID-19 pandemic and ensure that its proprietary technology is at the forefront of the digital transformation of the economy.
Jon Holttum, CEO at fissara, said: “A number of the market sectors we operate in, such as Waste, Haulage, Civil Engineering and Telecoms are vital to keep the country going and even more so during the pandemic. The principles of our software solutions have always given our customers the ability to operate remotely and from anywhere through cloud-based control systems and mobile apps. This approach continues to support social distancing and sanitary working practices.
“This investment will further help us to address the changing needs of our clients and help support new customers to manage costs, whilst improving efficiency and productivity in the challenging times ahead.”
Dean Cox, Investment Manager at Maven, said: “The COVID-19 pandemic has undoubtably fast-tracked tech disruption across all markets as all stakeholders seek solutions to the complex problems and challenges they face. The key drivers for our initial investment remain the same, and if anything, the events of recent months validate the compelling a proposition that fissara offers. We are proud to partner with a management team and company whose innovative solutions will enable British businesses to return to work in a safe and compliant manner.”
Grant Peggie, Director at British Business Bank, said: “The Pandemic has brought with it challenges to business across every sector, with digitisation of the working world happening at a speed never previously seen before. NPIF continues to support Northern business throughout the current crisis and beyond including the critical digital technology sector and companies such as fissara. We would encourage other businesses to consider investment from NPIF as they seek to stabilise and grow which in turn will help the Northern economy to bounce back.”
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Maven advisors: Shoosmiths LLP (legal advice)
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 07791 179 834 [email protected]
Sapience Communications (PR to Maven)
Borja Miquel 074 6347 7697 [email protected]
Sasha Johnson 077 1785 5741 [email protected]
Notes to Editors
About Maven Capital Partners UK LLP
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 £500 million in British businesses since 2009.
Headquartered in Glasgow, and with eleven offices throughout the UK, Maven has over 100 investment and support professionals providing a truly nationwide coverage. Maven has £660 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.
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