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Cornish digital community engagement platform, GoCollaborate, has secured £120,000 equity investment from the Cornwall and Isles of Scilly Investment Fund (CIOSIF), as part of a larger £240,000 funding round.

The round was led by the FSE Group, the appointed fund manager for CIOSIF, and includes a number of private angel investors, Falmouth University and Coastline Housing. The funding will be used to develop additional features to the application, obtain national presence and a growing market share and recruit an in-house team.  It is expected that all new hires will be Cornwall-based.

GoCollaborate is an easy-to-use online platform which enables communities to directly impact the planning and development of their local area. The platform builds on traditional consultation methods by making the engagement process more effective, while saving time and resources.  

It can be used for multiple different stages of a consultation process, from initial data-gathering to generating reports, and provides an easy overview of data so that findings and decisions to be fed back to communities.

GoCollaborate was piloted with a range of Cornwall based Parish Councils including Portreath, Carn Brea, St Keverne and Redruth. These initial engagements resulted in the councils receiving a high level of in-depth qualitative data and being in a better position to act on their communities’ wishes.

Neil Kirkland, Chief Executive Officer and Finance Director at GoCollaborate, commented: “Engaging with local communities can be extremely challenging for councils or property developers who are tight on time and low on resources. GoCollaborate was created to solve the problem of conversing with groups of people during the pandemic, but it has become much more than that. We originally designed the platform to consult on Neighbourhood Development Plans, but we now offer a variety of services which help locals have an impact on sustainable planning, improving community facilities, protecting the environment, enabling affordable housing and revitalising high streets, towns and villages. This funding will give us the ability to grow and develop at a great pace so that we can help even more people have a say in their community.”

Anna Staevska, Investment Manager at The FSE Group, added: “GoCollaborate is tackling a clear need which to date has not been addressed. The company has strong relationships with others in the housing and planning sectors which, combined with the excellent business model, makes it an impressive business. Listening to and acting on the views of local communities is key to sustainable development. We look forward to seeing more councils take advantage of this modern platform, leading to further contracts being established beyond the South West.”

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 from the British Business Bank, said: “CIOSIF is helping to grow a portfolio of businesses in Cornwall that are applying technology to tackle everyday issues. The fund’s equity stake has leveraged significant match funding from other investors and we look forward to seeing the company embark on its next phase of growth.”

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “GoCollaborate has created an online platform that really empowers local communities by helping them engage in the planning process. And it’s great to see another spin-out business from Falmouth University’s Launchpad business incubation and accelerator programme securing the investment it needs to grow.”

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.

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

A Birmingham based technology company has secured investment from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme, to support further growth of the business.

Learning Labs has developed FlashAcademy®, a leading UK digital education platform, which is used by schools and colleges across the UK to support teaching English as an Additional Language (EAL). The £250,000 MEIF funding will be used to create new jobs and expand its digital marketing department.

The award-winning FlashAcademy® app teaches English from almost 50 different languages, providing an independent learning experience on any device, smartphone, tablet or PC that can be used in a classroom setting or for remote learning.

The app uses a mix of digital lessons, gamification and the world’s first object translator where the user can take a photo of any object to be instantly translated. The software is currently being used in almost 1,000 schools across the UK and is supporting over 250,000 individual learners.

Veejay Lingiah, Learning Labs CEO, said: “At Learning Labs we believe that every child and young person across the UK deserves to be getting the best from their education experience. Our product supports teachers in unlocking the potential of non-native-speaking students without the need for time and budget resources that many schools and colleges do not have. With this MEIF loan, FSE has provided the right funding at the right time to support this next phase of our growth as we continue to develop our offering, expand into the FE market, and further scale the business.”

Harriet Saunders, Portfolio Manager at The FSE Group, commented: “Learning Labs has been on a high-growth trajectory since creating its EAL offering in 2018. Having already attracted significant equity investment, its management was keen not to dilute ownership with further equity at this stage. We are delighted to provide this market-leading business with the growth funding needed to support it through this next phase of growth and look forward to working with this innovative team.”

There are currently over 1.6m EAL pupils in the UK, representing 1 in 5 at primary school and 1 in 6 at secondary school. In more than 4000 schools this accounts for over 30% of their pupil cohort. Learning Labs, which builds all its products internally, with in-house development, design, content and product management teams, is well-placed to support the growing EAL and ESOL markets across all age groups.

Tracy Sherratt, Senior Manager UK Network at British Business Bank, said: “The MEIF supports businesses across the Midlands that provide a range of innovative products and services, with Flash Academy’s award winning app proving their success to date. The MEIF continues to provide funding to companies across the Midlands to help develop the wider region with continued job creation and more investment.”

The Midlands Engine Investment Fund project 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 2014-2022 and the European Investment Bank. The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5 million to support growing SMEs across the region. For more information visit: www.thefsegroup.com/fund/midlands-engine-investment-fund-debt-finance.

Maidenhead based MyWorkspot has secured a £280,000 expansion loan from the Thames Valley Berkshire Funding Escalator. The funding has helped the company to fit out and launch their new site in Maidenhead town centre, which was opened by Rt. Hons Theresa May on Friday 14th October.

MyWorkspot provides coworking, office space and meeting rooms and has been in operation in Maidenhead since 2017. They provide flexible workspaces with over 100 established local businesses, start-ups, and corporate businesses currently active as residents and members. Their clients range from start-ups to employees of global brands including Rack Space, Lexis Nexis, Google, and Microsoft.

Whilst COVID-19 has undoubtedly proved challenging for many businesses, it has had a dramatic impact on the way people work. Flexibility is seen as standard and the increase in hybrid and remote working has caused a rise in demand for MyWorkspot’s spaces.

Will Ballantyne, Co-Founder at MyWorkspot, said, “We are a ready-made community for solopreneurs and freelancers, providing a supportive network as well as high quality workspaces. Our new office on York Road is spread over three floors and can offer drop-in spaces, hybrid working options or a permanent private office space. This funding will support the fit-out phase of our development and ensure all needs are met to exacting standards. Maidenhead based businesses deserve the best and we aim to give it to them.”

Brett Chowns, Investment Manager at The FSE Group added, “MyWorkspot offers an all-in-one cost approach which covers rent, rates, utilities, internet, furniture, additional events and even coffee. In short, they look after the office so their residents can concentrate on growing their business. This level of care mixed with a supportive community is of huge benefit to SMEs in Maidenhead and we are delighted to be helping MyWorkspot on the next stage in their growth journey.”

Alison Webster, Chief Executive of the Berkshire LEP added, “We’re delighted that MyWorkspot is responding to the changes brought about by the pandemic and delivering this high-quality flexible office space to meet the needs of local businesses both now and in the future. By focusing on funding opportunities for local growth and inward investment, the Berkshire LEP is helping businesses like MyWorkspot to deliver the right environment for businesses to grow and create more high-quality jobs in Berkshire.”

Thames Valley Berkshire Funding Escalator is an £11.3m initiative funded by the Berkshire LEP. The Escalator includes an Expansion Loan Scheme, a Trade Finance Loan Scheme and a Growth Equity Fund, providing eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across Berkshire.

Flexible workspace business and certified B Corporation, x+why, has secured investment from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group.

x+why will use the investment to expand in Birmingham and provide companies of all sizes – entrepreneurs, SMEs and corporates – with best-in-class, sustainable and service-led flexible workspace. A facility of nearly 30,000sqft at 103 Colmore Row will include flexible office space as well as a members’ club for all tenants offering a bar, food menu, events, meeting space and a member engagement programme.

Established in 2018, x+why currently manages six sites across the UK, with a further six in the pipeline. The company operates a unique business model in this sector, helping landlords adapt to meet the changing needs of their tenants who want a more flexible, on-demand service, whilst also providing modern and sustainable green spaces that can create positive impacts on the economy and the community.

Before Covid-19, the office was already evolving with more companies recognising it as a place for culture, mentorship and collaboration. Following the pandemic, the evolution of office spaces has accelerated as a hybrid working system is adopted. x+why sites are designed to support this whilst running programmes to champion a shift in mindset that encourages business owners to change behaviours around their purpose and culture, helping them achieve even greater success.

Rupert Dean, x+why CEO, said: “Having launched our first site in 2019, we were already leading the way with flexible premises that could meet the needs of forward-thinking businesses with a focus on wellbeing and sustainability.

“Employers are now seeking a more flexible and improved office setting to fix costs, harness hybrid working and attract employees, so our purpose is resonating stronger than ever. This MEIF investment means we can operate best-in-class space in Birmingham and enable more businesses to offer their employees a superior working environment.”

Ann Marie McFadyen, Investment Manager at The FSE Group, commented: “x+why’s strong management team has achieved a lot in a short time, despite operating in a sector heavily impacted by the pandemic.

“The business is moving towards its goal of targeting expansion into every major city in the UK. We are delighted to provide investment to support this and look forward to working with Rupert and the team as they grow the business further.”

Only around 11% of commercial real estate is currently flexible. This is growing exponentially as businesses look to keep some of the positives of Covid-19. With a stand-out offering that is ahead of its competitors in this area, x+why is well-positioned to take advantage of this growing market.

Mark Wilcockson, Senior Investment Manager at British Business Bank, said: “The MEIF supports businesses with growth potential and it’s good to see creative concepts such as x+why’s unique business model creating an in-demand service for hybrid working systems using the MEIF funding options to realise their growth plans. We would encourage other innovative and sustainable businesses in the region to consider available funding.”

Anita Bhalla, Interim Chair at Greater Birmingham and Solihull Local Enterprise Partnership, said: “Following the height of the pandemic, many businesses have continued to work flexibly with hybrid working very common in workplaces across our region. There is also a greater need to provide greener, more sustainable offices in light of the drive to net zero.

 “Adapting to changing working attitudes to ensure there is maximum productivity is critical to driving inclusive economic growth. x+why understand the needs of businesses so I congratulate them on receiving this MEIF funding.”

The Midlands Engine Investment Fund project 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 2014-2022 and the European Investment Bank.

The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5 million to support growing SMEs across the region. Find out more or contact Ann Marie McFadyen.

Falmouth based gaming studio Trueplayers has secured a £225,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) as part of a £475,000 funding round led by appointed CIOSIF fund manager, The FSE Group.

The CIOSIF investment, along with match-funding from London-based Concept Ventures and a number of private investors, will be used to grow the team by creating 24 jobs over the next three years across the tech development and sales departments.

Trueplayers is targeting a specific portion of the gaming market with games designed for mobile devices played in portrait. These are aimed at users who are happy to play more casually rather than sitting down for a lengthy gaming session. To complement this, games will use colourful and quality artwork to draw people in and add to the ease and enjoyment of the experience.

The studio’s first release is UnderKnight, an adventure role-playing game which will be launched on Android and IOS next year. Further games are planned for development over the coming years and will re-use core technologies, in part to echo successful components of UnderKnight and to lower future development costs.

Trueplayers has a strong place in the gaming sector where there is a market gap for users who already game and want a little more out of their mobile experience, without being overwhelmed with complexity or a need to play for long periods.

Adrian Ruiz Langan, CEO and Lead Design, at Trueplayers, commented: “To create a fantastic gaming experience we take the core mechanics from hugely popular PC and console titles and create ‘mobile first’ titles which appeal to a broad casual audience. To enable us to achieve this we will establish a highly skilled and specialist team who can support and complement our existing skills to produce innovative new games. The funding that The FSE Group has helped us secure will be used to build this expert team and we cannot wait to get stuck in and start releasing titles next year.”

Ralph Singleton, Head of Funds Cornwall at The FSE Group, added: “Founders Adrian and Rob have a great deal of experience in industries including games marketing, programming and self-publishing mobile titles. Between the two of them several games they have produced hit over a million downloads and they have built profitable divisions within existing larger companies. Trueplayers is already gathering significant support in the sector and the pair have the niche skills and business sense to grow the company into a highly successful gaming studio. UnderKnight has already received hugely positive feedback from early gamers and we look forward to celebrating the official release next summer.”

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).

Paul Jones, Senior Investment Manager at the British Business Bank, said: “The fund has leveraged significant investment into Trueplayers to help the company develop and launch its games portfolio, and create 24 quality jobs over the next few years. Gaming continues to drive demand for mobile content and the business is poised to benefit from that growth.”

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “This is another major investment by the fund in Cornwall’s tech sector, and in particular the growing cluster of gaming expertise in and around Falmouth. The team at Trueplayers has a clear vision for the future and we wish them well.”

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.

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