News

The Cornwall and Isles of Scilly Investment Fund (CIOSIF) has announced a £100,000 equity investment in Newquay-based artificial intelligence company SimSage as part of a £200,000 deal.

The investment round was led by the FSE Group as the appointed fund manager for CIOSIF and includes investment from a number of Angel investors working with corporate finance and venture capital company Mylor Ventures.

SimSage has developed an AI-powered search platform designed to dramatically reduce time spent searching for information, both for employees within organisations and on websites for customers. The system has been developed specifically to find relevant information within organisations, and where quite specific uses of English language is critically important.

It allows staff to quickly find documents, files and information from multiple systems using a single unifying search box, which improves productivity, removes the cost and complexity of document management systems and reduces business risk particularly around legislative compliance.

SimSage also allows customers to find exactly what they are looking for on a website, increasing website visitor engagement and sales, and reducing pressure on frontline staff having to deal with queries by telephone.

The business has an experienced management team led by Sean Wilson and Rock De Vocht who previously operated a similar business in New Zealand. SimSage is already working with four launch customers. Future customers are likely to include local government, where websites are key sources of information, and accountants, lawyers and utility companies.

Sean Wilson, Co-Founder and CEO of SimSage, commented: “The funding has come at an important time for the business as we look to accelerate our growth so we can reach more industries who will benefit from this product. Having supportive investors such as CIOSIF and Mylor Ventures will be key to underpinning our future aspirations.”

Ralph Singleton, Head of Funds at The FSE Group, added “We live in a very modern, fast paced world with information readily available at our fingertips but do not have time to waste trying to locate or extract the relevant data. We have all at some stage been frustrated by the mass of information on company websites when we can’t find what we are looking for. We look forward to working with SimSage to solve these new world problems.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).

Ken Cooper, Managing Director at the British Business Bank, said: “Through the British Business Bank’s regional funds we are actively supporting businesses that improve the efficiency of the UK economy through the use of technology. Supporting early-stage businesses as they fulfil their growth is an important component of helping generate economic growth in Cornwall.”

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “SimSage uses some very sophisticated IT that can make businesses more productive and build better relationships with customers by helping them find what they need. Cornwall is growing force in the tech sector, and we are very pleased to see the fund supporting the growth of another technology company in the county.”

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.

Advisers on the transaction were: Field Seymour Parkes (FSE legals), Ignition Law (SimSage legals), and Mylor Ventures (SimSage corporate finance).

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk  or follow the fund on Twitter at @CIOSIFBBB2

Read more about SimSage at www.simsage.ai

London based business Up Learn, has secured £600,000 debt financing from the Greater London Investment Fund (GLIF) to grow its platform, which helps A Level students achieve A / A* grades through optimised learning.

The funding will enable the business to expand its product offering, initially allowing Up Learn to cover more A level subjects. The company plans to expand further after this into other qualifications and curricula.

Up Learn was established by Imperial College London alumnus Guy Riese in 2016.  The platform uses Artificial Intelligence (AI) and complex cognitive science to help A-Level students achieve top results. It adapts to each student using algorithms which identify and focus on weak spots. Through the use of interactive videos and quizzes, the company creates a personalised learning experience for each user. This helps to build subject knowledge and enables students to learn more over a shorter than average time period.

Guy Riese, Founder and CEO of Up Learn, commented, “We work with many schools covering different exam boards and currently have over 8,000 users. Up Learn has helped 97% of students achieve top grades in the last two years of exams. The teachers we have at Up Learn are world class with decades of experience under their belt. Combined with this knowledge, they work with cognitive science researchers to produce effective study resources to best assist Up Learn students.”

For every fee-paying student, Up Learn provide a complimentary course to a student who can't, through its free school meals scholarships programme and charity partners, such as The Sutton Trust.

David Booth, Investment Manager for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, added: “We were impressed by the commercial development which Guy has achieved to date and the opportunity for growth as Up Learn expands its curriculum coverage. We look forward to supporting Guy with his growth ambition as Up Learn continues to expand its service.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “Combining world-class teaching with the latest research and technology, Up Learn has gone from strength to strength since its launch in 2016.  Guy and his team have definitely capitalised on the accelerated demand for EdTechs and are now poised for excellent growth. I admire Up Learn’s mission to make an impact by extending the benefits of their growth to those students who have been most affected by the pandemic via their provision of complimentary subscriptions to students who would otherwise have no access. We are excited to support the curriculum expansion plans leading to further growth for the company over the coming years.”

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.

An East London based referral and advocate marketing platform has secured a £500,000 loan from the Greater London Investment Fund (GLIF) to expand its operations and create 6 new employment opportunities. 

The funding will enable Buyapowa to strengthen its team, helping them to achieve their growth plan over the next three years. The company will also be expanding its product offering whilst exploring more partnership campaigns.

Headquartered in London, Buyapowa also operates in France, Germany, Spain and Canada and was established in March 2011. The company’s ambition is to become the global platform leader in referral marketing, enabling enterprises to operate numerous “refer-a-friend” programmes. These employee referral solutions and customer loyalty schemes allow vouchers or cash rewards to be earned by a client’s customers and their friends and is one of the most powerful ways to acquire new customers.

Gideon Lask, CEO and Co-Founder of Buyapowa, commented: “We provide a white label platform to clients in 27 different countries spanning 23 languages. Our platform is used by innovative companies including Vodafone, BT, T-Mobile, First Direct & British Gas and enables them to focus on their customer-get-customer and invite-a-friend campaigns. The funding has come at an exciting time for the business as we strengthen the team which gives us the resources to take us to the next level.”

Marco Cerrone, Investment Manager for The FSE Group, which manages the £55 million GLIF debt fund on behalf of Funding London, added: “We were impressed with Buyapowa’s platform and their successful track record. Buyapowa boasts an impressive client list which spans over 100 enterprises incorporating leading brands and retailers. The platform allows clients to equip and incentivise their customers, through the power of word-of-mouth marketing. The business is going from strength to strength, and we are delighted to be supporting them on their journey.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “Buyapowa has an impressive track record under their belt. Gideon and his team have built an excellent product that delivers great value to its customers. We are thrilled that the capital provided by GLIF will help them expand the team and unlock further growth in the UK and other international markets.”

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.

Print and Digital media business, Country and Town House, based in the London Borough of Hammersmith and Fulham, has secured a £400,000 loan from the Greater London Investment Fund (GLIF).  The funding will enable the company to recruit additional staff across their marketing and sales departments and upgrade their web platform.

Country & Town House is the go-to destination for trusted, inspiring and uplifting content that enhances readers’ lifestyles wherever they live and champions living a balanced life. Underpinned by the values of Britishness, luxury and sustainability, Country & Town House reaches an audience of over half a million readers through its printed magazines and supplements, newsletters, podcasts and website. 

Country & Town House connects its readers with advertising partners through engaging and influential content across different lifestyle categories including Culture, Style, Interiors, Property, Schools, Food & Drink, Hotels & Travel and Health & Wellbeing, highlighting sustainable products, practices, brands and companies wherever relevant.

The business responded quickly to the impact of Covid-19 moving to bi-monthly print editions, supported by a greater focus on its digital offering.

Jeremy Isaac, Co-Founder & Managing Director of Country and Town House commented: “When COVID-19 hit, it was a challenging time for all companies in the media sector. As a business we took the decision to reduce the frequency of our print offering and ramp up our focus on the digital side. I firmly believe our digital strategy will be the key to maintaining our growth going forward.  The funding will allow us to further build upon the strong brand values from the print side of the business and roll these elements out digitally. The finance will also allow us to implement and support our digital strategy by being able to recruit a dedicated online team. Our thanks to The FSE Group for supporting our growth ambitions and helping us to secure the necessary finance.”

David Booth, Investment Manager for The FSE Group, who manages the £55 million GLIF debt fund on behalf of Funding London, commented: “Jeremy has established a strong London based media business with a focus on key markets in both print and digital. We were impressed by the business model, the management team and the willingness to adapt to change. We are delighted to be supporting Jeremy and his team and look forward to seeing their growth journey across the coming years.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “Being a serial entrepreneur, Jeremy is well equipped to identify opportunities even in the most challenging environments. The adoption of online delivery models has given resilience across many sectors under current circumstances.  We are delighted to support the expansion of Country and Town House’s digital team which will enable them to strengthen their market position and unlock growth in the future.”

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.

Southwark based technology platform business, Landmrk, has received a £225,000 loan from the Greater London Investment Fund via The FSE Group. The loan is backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

The funding will enable 15 new jobs to be created within the company over the next three years whilst maintaining investment into further developing the existing platform, which is essential for the company as it adjusts to the “new normal” stage of operating in a COVID-19 impacted world.

Founded in 2017 by Seth Jackson as a spin out from his digital advertising agency, Strange Thoughts Ltd, Landmrk enables brands to run promotional campaigns by building smartphone web applications to engage their audiences.

The platform builds the campaign by placing digital content experiences at physical locations on a map in the real world. These promotions engage a brand’s followers, enticing them to find and unlock the experience by travelling to the location.

During COVID-19 times, the Landmrk platform has been modified to allow followers to unlock digital experiences in their own homes, keeping travel to a minimum.

Seth Jackson, Founder and CEO of Landmrk, commented: “With the loan received from GLIF via The FSE Group, we will be able to continue researching options and developing the app’s software to offer the best experience for both brands and followers in these challenging times. Over the next three years, the finance will help us expand our team by hiring 15 new employees to support the development and achieve our growth plans.”

Landmrk currently has two million users who have spent c40,000 hours on the platform. The easing of travel restrictions means the business can explore safe opportunities for them to resume unlocking experiences at specific locations when it is safe to do so.

Paul Shadbolt, Investment Manager for The FSE Group, which manages the £55 million GLIF debt fund on behalf of Funding London, commented: “Seth is a successful entrepreneur with previous experience of scaling up SMEs. Brands are always looking to enhanced engagement with their followers and the Landmrk app has been instrumental in producing strong marketing campaigns in this growth sector. Seth has demonstrated flexibility and adapted his product to the current economic climate and has a healthy pipeline. GLIF is keen to support innovative high growth businesses in Greater London, and with job creation for the local economy included in their plans, we were pleased to be able to offer Landmrk the loan funding they need to execute their expansion strategy.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “Seth and the team have demonstrated resilience and determination to adapt their business to succeed in the recent extremely challenging conditions. We are delighted that the GLIF loan will enable Landmrk’s team expansion and fuel their growth strategy.  As we emerge from travel restrictions, Landmrk is well poised to go from strength to strength”

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.