Canadian digital consultancy Appnovation plans to scale its UK operation after securing 9.3 million equity financing.
The company currently employs 35-40 people in the UK, working out of offices in Cardiff, Reading and London, while its UK turnover is just under £3 million.
The funding comes from a joint partnership between the Canadian Business Growth Fund and UK-based BGF and will allow Appnovation to accelerate its international growth and expansion strategy in both Canada and the UK.
“The UK is our key hub market in the EMEA region that we are scaling from both a talent and growing client base perspective,” a spokesperson told BusinessCloud.
“We are looking to scale significantly in the UK with particular focus on Wales in terms of talent acquisition, where we are aiming to build out a larger development and delivery team.
“We are also building our creative team in London as we are bringing on board more and more clients looking to drive engagement with their customers, and looking for strategic guidance.”
Appnovation counts some of the largest financial services and pharmaceutical companies in the world among its clients.
Its expertise with user-centric, design-led experiences and open technology platforms helps brands to better engage their customers.
Both Appnovation and BGF have significant operations in Reading, UK, which will allow for on-the-ground support and close collaboration between the two organisations.
“We’re thrilled to have the support of CBGF and BGF as long-term minority investors that share our vision for thinking big and planning for ambitious growth,” says Arnold Leung, founder and CEO of Appnovation.
“That partnership and our recent rebrand launch will allow us to quickly scale both our network and presence throughout the UK and globally.”
Appnovation has Canadian offices in Vancouver, Quebec and New Brunswick, and a total of 14 offices across the Americas, Europe and Asia-Pacific.
Stephen Welton, CEO of BGF, said: “This first co-investment marks the deepening of the relationship between BGF and CBGF, backing the growth ambitions of Appnovation both in the UK and Canada.
“We have been delighted to support CBGF since its inception and are proud to have seen the BGF model effectively deployed on an international level.
“The relationships we have will help to build opportunities and networks for our portfolio and the CBGF’s.
“We’re very keen to see the BGF model adopted in other countries, creating a positive and pragmatic network for growth businesses across the globe.
“Increasingly, entrepreneurs and high growth companies need effective strategies to expand internationally. This investment highlights how long-term patient capital can really accelerate that.”
Appnovation has been recognized with multiple awards for excellence and achievement, including receiving a 2019 Deloitte Technology Fast 500 award, and a 2018 Canadian Business Growth 500 Fastest Growing Companies award, among others.