A Manchester-headquartered software provider, which works with the likes of EY, IHG and King's College London, is to create 60 North West jobs after securing an eight-figure funding boost.
Digital adoption platform AppLearn has received the financing from Silicon Valley Bank and NPIF – Maven Equity Finance, managed by Maven Capital Partners (Maven) and part of the Northern Powerhouse Investment Fund (NPIF).
The revolving lending facility will enable AppLearn, which also has offices in Boston and San Francisco, to scale its international reach.
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The funding will also support the creation of up to 60 new roles within the organisation’s North West-based team.
With customers in more than 100 countries currently, the money will see AppLearn’s flagship DAP product, Adopt, launched into new territories such as South Africa. It will also accelerate the company’s presence in the North American market.
The financing follows an investment into AppLearn from California-based K1 Investment Management secured in September 2019.
AppLearn is led by CEO Andrew Avanessian, who joined the business in 2019 and was formerly COO at cyber security company Avecto.
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He said: "Silicon Valley Bank and NPIF -Maven’s support comes at a pivotal time for our business. The strides we have made in the digital adoption market over the last three years has placed AppLearn on the cusp of transformative growth.
"This funding now enables us to put in place the foundations to fuel our ambitious international strategy and growth plans.
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"The global appetite for digital adoption is rapidly advancing, in no small part due to the events of last year. With an increasing number of businesses accelerating their digital transformation journeys, global IT spending is expected to reach $4tn this year.
"AppLearn is in a prime position to bring our technology to this ever-expanding market, and we’re excited to be doing this with NPIF - Maven and Silicon Valley Bank’s backing."
Dean Cox, senior investment manager at Maven, added: "AppLearn is addressing a genuine need in in the industry for digital transformation services.
"The business is well placed to take advantage of the current migration to a digital economy and leverage off the new challenges facing enterprises today.
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"We’re delighted to back Andrew, Adam and the team who are experienced and technology focussed with an excellent reputation in the market."
Ben Tickler, director of venture and growth at Silicon Valley Bank 海角视频 Branch, said: "Silicon Valley Bank is delighted to extend its partnership with the outstanding team at AppLearn and their trusted investors.
"It is great to see further funding in Manchester's innovation ecosystem and we look forward to watching the team continue to grow, build, and scale."
Grant Peggie at British Business Bank added: "The Northern Powerhouse Investment Fund is committed to backing innovative growing businesses across the North to achieve their objectives.
"AppLearn’s story demonstrates the impact that investment can have on an organisation’s growth and we look forward to seeing the success that AppLearn achieves in Manchester, across the 海角视频 and globally."