A Scottish firm providing software to improve office efficiency has secured a £750,000 equity funding deal to invest in its platform and expand overseas.
The funding for Glasgow-based Corporate Modelling Services (CMS) is from the Investment Fund for Scotland managed by Maven Capital Partners and delivered by the British Business Bank.
The platform already supports a list of long-term customers across global financial services and business process outsourcers, and the team have built a diverse pipeline of prospective clients.
Back-office workforce management is an emerging market, with the shift in working patterns in recent years highlighting the need for technology to optimise human capital use, whilst boosting employee experience and client service.
Today’s transaction will allow the business to invest further in it platform, enhancing its capabilities and building out further AI functionality into its modular software suite.
Funding will also support its growing sales function to service global operators, including current opportunities in the US, as well as embarking on a number of strategically significant international partnerships to expand its customer reach
Craig McGill, investment manager at Maven, said: “CMS has built an impressive platform that can transform many businesses across different industries. Alex and the senior team are all highly driven, experienced individuals with a genuine entrepreneurial focus and we look forward to supporting the business as it enters this exciting next phase of growth.”
This marks the seventh investment made by IFS Maven Equity Finance, demonstrating the opportunity in Scotland to drive innovation and growth. The fund has also backed 3D printed micro-tumour specialist, Carcinotech, premium Indian ready meals business, Praveen Kumar and Glasgow University spinout, Nami Surgical.
The £150m IFS covers the whole of Scotland and provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of IFS is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Scotland.
IFS will increase the supply and diversity of early-stage finance for smaller businesses in Scotland, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
