ARKK aims to become a leading AI software provider in FinTech with Mobeus investment now totalling over £7 million
London, 12 February 2021
ARKK is a UK-based Software as a Service provider that replaces outdated single-purpose finance tools with smart technology, empowering finance teams to unify, process and gain insights from their data more quickly and accurately.
Having first backed ARKK in 2019, when the business had just launched its software platform, for:sight, Mobeus has now invested over £7 million. Since our initial investment, the business has developed that platform, as well as its team and operations. With this further investment round, ARKK will progress additional for:sight features and modules to meet growing demand from clients, including a significant number of FTSE 350 companies and accountancy firms.
As part of this financing, Mobeus has strengthened the Board through the addition of Graham Ridgeway as a Non-Executive Director, who will provide additional B2B software experience.
Richard Metcalfe, ARKK CEO, commented,
“for:sight’s successful application to Making Tax Digital has driven growth to date. Strong demand for further functionality from our client base is propelling innovation and this additional funding from Mobeus will allow us to unlock that growth more quickly by overcoming the challenges faced by finance leaders.”
The Mobeus deal team comprised Matt Mead and Amaad Mahmood. Amaad added,
“We’re incredibly excited to continue to back ARKK’s high quality team, who have shown incredible resilience over COVID and grown the business across all segments, including a significant increase in recurring revenue.”
Mobeus was advised by Boyes Turner (legal).
We are a team of investors with a 20 year track record, providing £2 million – £15 million to UK SMEs across all sectors. We partner with talented and determined management teams of companies with strong growth potential www.mobeus.co.uk
In the last twelve months, our Growth team has invested over £25 million to drive growth at UK SMEs. By realising seven investments in the last 18 months, we have generated almost £75m of cash profits for the Mobeus VCTs.