£1 million for Tahdah as Development Bank completes first co-investment with Alliance Fund Managers
Technology specialists Tahdah Verified Limited have secured a £1 million equity investment for their multi-tenant software platform with £750,000 coming from AFM as lead investor and £250,000 from the Development Bank of Wales.
This constitutes the Development Bank of Wales’ first co-investment with Liverpool-based fund management specialists, Alliance Fund Managers [AFM] as part of MSIF’s Merseyside Loan and Equity Fund.
Based in Llandudno, Tahdah was established by Chief Executive Neil Rylance in 2016. Providing unique benefits and functionalities for different users, Tahdah is a multi-tenant cloud-based system for awarding bodies, training providers, membership associations and clubs, employers and candidates. The system provides real time insight and data to Tahdah’s enterprise clients, while also acting as a fully verified lifetime record of achievement for end users. Current users include Mountain Training, The Chartered Institute of Management for Sport and Physical Activity (CIMSPA) and the Royal Life Saving Society UK.
The £1 million equity investment will now be used to grow the business with the further development of the functionality of the platform and the creation of new jobs in Llandudno as well as a new office in Liverpool.
Chief Executive Neil Rylance said:
“We’ve worked hard over the last few years to develop Tahdah as a secure online feature-packed management system that can be tailored to meet the bespoke needs of our customer base.
“With a solid foundation, we’re now ready to take advantage of this fast growing sector and I’m particularly pleased to be doing this with the support of MSIF and the Development Bank as co-investors. North Wales is my home and I’m proud to say that Llandudno is the birth place of Tahdah while Liverpool is where my parents originate from. It’s also home to my team, Everton Football Club.”
Marc d’Abbadie, Head of Equity at Alliance Fund Managers, said:
“We are delighted to be backing Neil and the team at Tahdah’s expansion into Liverpool. We were impressed by the traction Tahdah has with its current clients as well as its potential to scale, and are excited about its future. We are also very pleased to be co-investing with the Development Bank of Wales, who are forward-thinking and hands-on investors who understand the challenges of running a technology business.
Colin Batten, Investment Executive for the Development Bank of Wales said:
“With the right support and equity investment from the Development Bank and MSIF as investors, Tahdah will be in a much stronger position to develop and grow. MSIF has an impressive track record as a supportive funding provider so we’re delighted to be co-investing with them for the first time and working together to help drive the growth and future success of Tahdah as an innovative technology venture from their base in Llandudno.”