Vancouver-headquartered Appnovation has received $11.6 million in follow-on equity financing from a partnership between the Canadian Business Growth Fund (CBGF), UK-based BGF, and Export Development Canada (EDC).
Arnold Leung founded Appnovation in 2007 at the age of 22. Today, the company has 15 offices across the Americas, Europe and Asia-Pacific and over 250 employees. The investment will provide Appnovation to continue its global expansion and growth strategy.
CBGF and BGF invested $15 million in Appnovation in July 2019. Since then, Appnovation has scaled up its team by 30% and achieved revenue growth despite the global pandemic. This strong growth trajectory has attracted a second round of investment.
“Over the past year, we’ve made strategic hires, deepened capabilities and accelerated international growth with the help of an initial round of investment funding. We will continue that global growth trajectory and look at expanding our footprint in strategic markets, like Asia Pacific, with this new injection of funding” said Leung, CEO of Appnovation. “CBGF, EDC and BGF are the ideal partners because they’re invested in our long-term success and share our vision for ambitious growth.”
While CBGF and BGF previously invested in Appnovation, EDC is a new investor in Appnovation.
“EDC is pleased to support Appnovation’s international expansion,” said Carl Burlock, EDC’s Executive Vice President and Chief Business Officer “More than ever, digital sales strategies are key to succeeding in global business. Appnovation’s digital IT services will help companies enhance their online presence and remain competitive amid these challenging economic times. Appnovation is an example of the innovative Canadian companies that EDC is supporting through our investment Matching Program, whereby we work with both Canadian and international partners to provide capital investment and expertise on international markets.”
Photo: Globe and Mail