Appnovation Receives £6.8M in Follow-On Equity Funding
The infusion of equity investment will help Appnovation continue to execute on its UK and international growth strategy
Global digital consultancy Appnovation has received £6.8M in follow-on equity financing from a partnership between UK-based BGF, the Canadian Business Growth Fund (CBGF) and Export Development Canada (EDC). With 15 offices across North America, Europe and Asia-Pacific, Appnovation will use the proceeds from this investment to continue its global expansion and growth strategy. This includes scaling teams in strategic global markets, particularly in the UK and across Europe, as well as potential acquisitions.
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“Appnovation is going from strength to strength and it is exactly the type of growth economy business that BGF seeks to support through our long-term investment and partnership.”
Both CBGF and BGF made initial investments in Appnovation in July 2019 totalling £8.8M. Since then, Appnovation has scaled up its EMEA operations, led from London, and achieved annual revenue growth of 28%, despite the global pandemic. EMEA represents a key region for Appnovation and under the leadership of General Manager Andrew Dunbar, who joined the company in 2018, the team has grown from 55 to 70 employees over the last year.
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Dunbar has successfully expanded the senior EMEA leadership team to offer clients a comprehensive six-pronged offering in the region: Digital Strategy, User Experience and Design, Development and Engineering, Corporate Agility and Readiness, Data and Analytics and Managed Services and Support. Key appointments include Jez Proctor as UK MD (ex- R/GA), John Sutherby as Head of Technology EMEA (ex- GSK), Amanda Glasgow as Head of Experience EMEA (ex- Publicis Sapient) and Phil Gulliver as Head of Delivery (ex- Mirum).
Appnovation EMEA has also celebrated key client wins in the last year, including Admiral Insurance, a global pharmaceutical firm and credit ratings agency Fitch Ratings, as well as delivering cutting-edge work for plant-based food brand Alpro.
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