Appnovation receives £9.3m in equity financing

Funding | International | South East

Appnovation announced today it has received £9.3m in equity financing from a joint partnership between the Canadian Business Growth Fund (CBGF) and the UK’s BGF.

The investment will allow Appnovation to accelerate its international growth and expansion strategy, spurring jobs and economic growth in Canada, the UK and beyond.

Appnovation is a full-service digital consultancy that looks to drive innovation and growth for its clients.

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.

With Canadian offices in Vancouver, Quebec and New Brunswick, and a total of 14 offices across the Americas, Europe and Asia-Pacific, the investment will provide Appnovation with growth capital and the ability to strengthen the company’s balance sheet as it scales up internationally.

Arnold Leung, Founder and CEO of Appnovation commented: “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. That partnership and our recent rebrand launch will allow us to quickly scale both our network and presence throughout the UK and globally.”

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.”

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