Vimeo logo LinkedIn logo


npif stripes
Back to News Three men and one woman standing on a ramp leading to the entrance of Force 24 office building. The woman is positioned to the far right and she is wearing a black v necked top and has a silver necklace on show. There is a bearded man directly behind her and he is wearing a black sweater and blue jeans. There a man to the far left of the bearded man and he is wearing a blue jumper and blue casual trousers. The remaining man is wearing a blue suit, blue shirt and a stripey blue, white and maroon tie. He has grey hair.

Image caption: FW Capital - Force 24. Left to right. Adam Oldfield - MD Force 24, Steve Teasdale & Anne Blanden from FW Capital & Nick Washbourne - Commercial Director Force 24. ©Victor de Jesus/UNP

17th December 2019

Force24 Ltd secures six-figure NPIF – FW Capital investment


Northern Powerhouse Investment FundNPIF FW Capital Debt FinanceLeeds City Region LEP

Marketing automation company Force24 has received a £350,000 investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.

Force24 is a UK-based, GDPR-compliant marketing automation software as a service (SaaS) company based in Leeds, West Yorkshire.

The innovative Force24 marketing automation platform allows clients to effortlessly and quickly segment customer data and automate complex, personalised, cross-channel journeys to increase conversion rates and drive loyalty.

Software as a service (SaaS) is a software distribution model in which a third-party provider hosts applications, making them available to customers over the internet.

In recent years, the Force24 management team has successfully transitioned the business model away from project-based revenue, to annual recurring revenues (ARR) on the SaaS-based platform.

Force24, which was founded in 2010 by Managing Director Adam Oldfield, employs upwards of 50 people and turnover has grown by 45% in 2019. Force24 also boasts a 98.2% client retention rate, and 1 in 4 customers who see the savvy marketing automation platform in action, buy it.

Force24 plan to use the funding to accelerate growth by investing in additional sales staff, increasing marketing activity, developing the platform and acquisition of supporting products.

The investment, which was facilitated by FW Capital Investment Executives Steve Teasdale and Anne Blanden, will create seven jobs initially, with a further 31 positions envisioned for the future.

Nick Washbourne, Force24 Commercial Director, said: “Force24 has gained a strong foothold in the UK market and is in a great position to continue on our growth curve.

“A recent marketing survey revealed 50% of companies contacted were looking to implement a marketing automation platform, with 65% of Force24’s new clients switching from market leading competitors such as MailChimp or Pardot.

“We are grateful to FW Capital for their support. They were extremely knowledgeable and really understood our business, making them the ideal funding partner.”

Steve Teasdale, Investment Executive at FW Capital, said: “Force24 is an established business with a strong customer base and an experienced management team with a clear vision for growth and development.

“They have a team of passionate marketing experts with a range of skills including strategy, design and technical development. This expertise is reflected in the strong pipeline of future projects, which present a fantastic opportunity for growth.

“It is the right time for Force24 to accelerate its growth and we are delighted to have been able to provide the funding to allow the company to reach its potential.”

Operating from the British Business Bank’s Sheffield head office, NPIF provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.

The Northern Powerhouse 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 2014-2020 and the European Investment Bank.

FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719

Editors Notes



Find Out More

If you would like to meet with one of our appointed Fund Managers to talk in more detail please go to 'Funds Available' to find the Fund Managers operating in your area

Signpost microfinance icon


£25k – £100k

Microfinance page
Learn More
Debt finance icon of a road map

Debt Finance

£100k – £750k

Debt Finance page
Learn More
equity finance icon

Equity Finance

£50k – £2m

Equity Finance page
Learn More

For the latest news and views join our mailing list

Join our mailing list

Just add your details below to receive the latest Northern Powerhouse Investment Fund news and information