Appnovation has received £9.3 million in equity financing from a joint partnership between the Canadian Business Growth Fund (CBGF) and BGF. The investment will allow Appnovation to accelerate its international growth and expansion strategy, spurring jobs and economic growth in Canada, the UK and beyond.
Gowling WLG advised BGF with respect to the investment with a team led by corporate partner Chris Towle in the UK, working closely with Toronto-based corporate partner Ian Palm.
Appnovation is a full-service digital consultancy, focused on delivering meaningful business outcomes that drive innovation, growth and ultimately value for its clients. Through digital strategy and a deep industry focus across a variety of verticals (including some of the largest financial services and pharmaceutical companies in the world), Appnovation's expertise with user-centric, design-led experiences and open technology platforms, helps brands to better engage their customers.
Both Appnovation and BGF have significant operations in Reading, UK, which will allow for on-the-ground support and close collaboration between the two organizations.
With Canadian offices in Vancouver, Quebec and New Brunswick, and a total of 14 offices across the Americas, Europe and Asia-Pacific, the investment will provide Appnovation with growth capital and the ability to strengthen the company's balance sheet as it scales up internationally.
Both the CBGF and BGF were created by financial institutions in their respective countries to address the significant growth capital gap faced by mid-market companies. By providing patient, minority capital through an evergreen fund structure and adding value through strategic counsel, both organizations play a critical role in ensuring high potential businesses in their markets can access the growth capital and relationships needed to reach their full potential.