A Tyneside startup specialising in sales coaching has landed a £700,000 investment from the North East Innovation Fund and angel investors.
The MySalesCoach platform, which was launched by tech entrepreneur Kevin Beales and co-founder Mark Ackers, brings together sales coaches with teams which need training. The subscription service is intended to help time-poor sales managers to find their reps the training required to maximise their performance.
Mr Beales who founded Newcastle firm Refract, and Mr Ackers, have recruited experienced coaches who have helped the company to grow significantly its first year of trading. They say the subscription service coaching sessions have shown a significant impact on the performance and development of sales teams, bringing in a boost to revenues and retention for customers.
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Now the company has secured a £700,000 investment from the North East Innovation Fund, supported by the European Development Fund and managed by Northstar Ventures, as well as additional investment from angel investors. The deal marks the second time the fund has worked with the company, following last December’s deal which saw it secure £560,000.
Mr Beales said the team has seen rapid growth selling into corporates and to individuals, with over 60 organisations and almost 1,000 individuals using the platform. The investment will help it continue to develop the platform, expand operations and expand the team.
Serial entrepreneur Mr Beales sold software business Refract, where he was co-founder and CEO, to US firm Allego in 2020 and the new owners now operate the firm’s Newcastle base as its European headquarters. He was also founder and CEO of The Test Factory, which was acquired by GL Education Group in 2014, and is an angel investor in several North East businesses.
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He said: “Sales coaching is proven to have great impact on results and growth, yet managers lack the time and expertise to deliver as much coaching as their teams crave. It’s the problem our founders have been committed to solving for over a decade and we are thrilled at how quickly MySalesCoach has grown in less than 12 months, beyond even our ambitious projections. This investment will help us capitalise on our early success to scale the platform and business.”
Tom O’Neill, investment manager at Northstar Ventures, added: “We’re pleased to support MySalesCoach with further funding which will enable it to build on its impressive progress to date. Kevin and Mark have developed a compelling offering which has seen significant interest from a variety of customers and the business has got off to a flying start. We’re excited to join the team on the next stage of their journey.”