Vancouver’s Appnovation announced today it has received $15 million in equity financing from a joint partnership between the Canadian Business Growth Fund (CBGF) and the UK’s 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.
Appnovation is a full-service digital consultancy with a deep industry focus across a variety of verticals including financial services and pharmaceuticals. Appnovation’s expertise with user-centric, design-led experiences and open technology platforms, helps brands to better engage their customers.
Arnold Leung founded Appnovation Technologies in 2007 at the age of 22. Today, the company has 14 offices across the Americas, Europe and Asia-Pacific and over 250 employees. The investment will provide Appnovation with growth capital and the ability to strengthen the company’s balance sheet as it scales up internationally.
“We’re thrilled to have the support of CBGF and BGF as long-term minority investors that share our vision for thinking big and planning for ambitious growth,” says Appnovation’s Leung. “That partnership and our recent rebrand launch will allow us to quickly scale both our network and presence throughout the UK and globally.”
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.
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