EkkoSense secures MEIF funding to accelerate global expansion
Nottingham based advanced software provider embarks on international expansion following further funding from MEIF
EkkoSense Limited (“EkkoSense”), an advanced software and technology provider, has received a seven-figure cash injection from the Midlands Engine Investment Fund (“MEIF”), East & South East Midlands Debt Finance fund managed by Maven Capital Partners (“Maven”).
EkkoSense will use the funding to support its rapid international expansion across North America, Europe, Asia Pacific, Latin America and Africa. To aid this new level of growth, the business is adding a high number of resources to its sales, development and operational departments.
Based at the University of Nottingham Innovation Park, EkkoSense is recognised as a global leader in the provision of advanced software and sensing technologies that help organisations visualise, manage and optimise real-time performance in their data centre facilities.
Using EkkoSense’s AI-powered EkkoSoft Critical SaaS 3D visualisation and analytics platform, customers can visualise suggested cooling improvements and manage complex data centre capacity decisions – removing risk, reducing energy consumption by around a third and releasing stranded capacity.
Founded in 2013 by Dean Boyle (CEO) and Dr Stuart Redshaw (CTIO) and backed by an experienced management team, the business has successfully developed an innovative software platform used by some of the world’s largest data centre operators.
EkkoSense has previously received investment from the MEIF East & South East Mids Equity Fund, managed by Foresight Group.
Dean Boyle, CEO at EkkoSense, comments:
“We’re excited to be pushing forward with our next key growth phase and this additional MEIF funding will support our plans in a number of specific areas. In 2021, we will be strengthening support for our growing global partner network, expanding sales teams in key international markets and continuing to invest heavily in our core software proposition.”
Jonathan Lowe, Investment Director for Maven adds:
“We’re delighted to have provided MEIF funding to EkkoSense, which reflects our faith in its management team, impressive technology and ambitious business plan. Supporting the ever-increasing focus on driving carbon reductions across the world, EkkoSense has built an impressive client base that recognises the value that its technology can bring. The team have a strong track record in the sector, with supportive investors, and we are pleased to play our part in the next phase of growth.”
Sajeeda Rose, Chief Executive at D2N2 said
“It’s good to see another D2N2 business has been able to benefit from the Midlands Engine Investment Fund. I’m delighted EkkoSense has secured the funds to expand and explore new international markets, creating new jobs and supporting our regions economic growth.”
The Midlands Engine 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.
|Maven Capital Partners|
|Pooja Pankhania||0121 231 3016||[email protected]|
|Sapience Communications (PR to Maven)|
|Richard Morgan Evans|
Comma Communications (PR to EkkoSense)
07791 720460[email protected]
About EkkoSense Ltd.
EkkoSense is an industry leader in the provision of advanced software and sensing technologies to visualize, manage and optimize real-time M&E performance in critical data centers. The company is committed to eliminating thermal risk, reducing energy consumption and identifying stranded capacity so that data center managers can operate their facilities with unrivalled levels of efficiency. www.ekkosense.com
About Maven Capital Partners UK LLP
Maven Capital Partners UK LLP (Maven) is a lower-mid cap private equity house focused on the provision of growth capital and mezzanine finance to SMEs across the UK. It is one of the most active private equity fund managers in the country, managing over £600 million of assets for a variety of client funds, including Venture Capital Trusts, UK regional debt and equity funds, Maven Regional Buyout Fund and Maven Investor Partners – a syndicate of institutional, family office and experienced investors.
Headquartered in Glasgow, and with ten other offices throughout the UK, Maven has nationwide coverage of the market for SME finance and is introduced to around 400 deals per year through over 40 regionally based investment executives. With 100 staff and partners, Maven executes a range of private company transactions, offers hands-on proactive portfolio management to investee companies and provides a fully integrated back-office support function to client and third-party fund managers. Maven manages £194 million regional fund mandates for investment in SMEs.
Since MEIF Maven Debt Finance launched, Maven has developed regional focused strategies, tailoring its approach to tackle the specific barriers local SMEs face in each Local Enterprise Partnership (LEP) area. In the West Midlands and East & South East Midlands, Investment Specialists, who each bring a wealth of knowledge of the region, have been appointed and the team is working closely with local chambers of commerce, advisers and business support organisations to assist local companies to identify and access the right funding to help their businesses grow.
About the Midlands Engine Investment Fund (MEIF)
The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
The Midlands Engine 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 Midlands Engine 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 MEIF covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South-East Midlands in the East and South-East Midlands.
The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The programme will continue to spend to the end of 2023.
The Ministry for Housing, 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 www.gov.uk/european-growth-funding.
The European Investment Bank is providing £122,500,000 to support the Midlands Engine Investment Fund. This follows backing for the Northern Powerhouse in 2017 and backing for the newly launched North East Fund. For further information visit www.eib.org
The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations in or planning to open material operations in the West Midlands and East & South-East Midlands.
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 https://thebusinessfinanceguide.co.uk
About the British Business Bank
The British Business Bank is the UK government’s 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. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank’s core programmes support nearly £8bn of finance to almost 94,800 smaller businesses. Since March 2020, the British Business Bank has also launched four new Coronavirus business loan schemes, delivering almost £73bn of finance to around 1.6m businesses.
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.
In light of the coronavirus pandemic and EU Exit, the Finance Hub has expanded and it now targets a wider business audience. It continues to provide information and support for scale-up, high growth and potential high growth businesses, but now provides increased content, information and products for businesses in survival and recovery mindsets. The Finance Hub has been redesigned and repositioned to reflect this, during this period of economic uncertainty.
British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at www.british-business-bank.co.uk.
 Figures as at end of June 2020
 Figures as at 28 January 2021