£2.1m funding for Oak Intranet
Oak Intranet has secured £2.1m funding.
The additional seed investment led by Maven Capital Partners follows a restructure of the North East firm’s leadership team, led by the new CEO Will Murray.
Mark Quartermaine has also joined as non-executive chairman.
Created in 2016, Oak Intranet is aimed at enterprise and medium-sized businesses and organises departments, news, teams, projects and internal communication through its mobile app and SaaS platform.
It has been adopted by firms including Aldi, Halfords, ITV, REISS and River Island.
The company recently moved to a new Newcastle City Centre office at Generator Studios.
Murray said: “Oak is an amazing product with tremendous potential. It enables organisations to engage their employees including deskless workers and provides a range of internal communications tools that integrate seamlessly with office applications.
“We are thankful for the great funding partners we have in Maven, NorthStar Ventures and Finance Durham and look forward to working with them as Oak scales.”
Michael Vassallo, Investment Director at Maven, said: “Oak are pioneers in developing and selling intranet solutions, the platform addresses a large and growing market focused on the digital workplace.
“We are delighted to lead the latest funding round to continue to support the roll-out of its innovative cloud-based software and enable the business to execute a number of exciting new developments.”
£950,000 came from the North East Development Capital Fund, supported by the European Regional Development Fund and £600,000 from the Finance Durham Fund, established by Durham County Council and overseen by Business Durham. Both regional funds are managed by Maven Capital Partners.
£450,000 was invested from the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, and a further £100,000 was invested by a private investor.