SME finance provider Maven has invested £150,000 in Collabor8Online on behalf of the Northern Powerhouse Investment Fund (NPIF).
The funding will go towards senior appointments including a Chief Technology Officer, a targeted marketing campaign, and extensive product development.
Collabor8 is a cloud-based project management software. Its customers include Ikea and the NSPCC.
The enterprise collaboration market is expected to grow worldwide from $26.68bn in 2016 to $49.51bn by 2021.
Collabor8 was founded by software specialist Colin Barnes. The company’s Business Development Director is Stephen Barnes, a marketing graduate and developer with experience working for organisations such as XBC, Next and Adidas.
Dave Furlong, Investment Director at Maven, said: “We are pleased to be able to support Colin and Stephen in the next stage of Collabor8’s development. The impressive client wins achieved to date demonstrate the need for the Collabor8 product, and we expect the enlarged team that this investment will finance will deliver on the significant potential for growth that we believe exists.”
Sue Barnard at the British Business Bank said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. We are pleased to continue that momentum with this investment and are proud to continue our commitment to unlocking the North’s growth potential by supporting business communities with vital investment.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) and the European Investment Bank.