A Leeds-based tech firm which has developed one of the UK’s leading marketing automation platforms has secured a £250,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
The funding will support the ongoing development of Force24’s platform and allow it to introduce new features to further improve efficiencies and clients’ return on investment. Established in 2010 by Adam Oldfield and Nick Washbourne, Force24 now has over 2,000 users and a 97% client retention rate.
The company, which employs around 50 people in Leeds, plans to achieve significant growth over the next five years.
Adam Oldfield, Force24’s Managing Director, said: “In an ever evolving marketing landscape, it’s imperative a platform provider like Force24 is in tune with the industry’s needs. We commit to offer our clients free training and support for life, and the unique insights we gain help us understand how we can further support the market. Mercia understands our ambitions clearly and we look forward to working with them and the Northern Powerhouse Investment Fund in the years to come, as our funding requirements evolve.”
Jonathan Craig, Investment Manager at Mercia Fund Managers, added: “Force24 consistently invests in their product offering to ensure they keep ahead of the competition and deliver return on investment for clients. The funding will allow the management team to continue product development and drive the business forward.”
Mark Wilcockson, Senior Manager at British Business Bank, said: “Historically, funding options for businesses in the North have been scarce, which has stifled growth and innovation in the region. NPIF is making real strides in reducing the regional funding gap between the North and the South, providing a variety of finance solutions that help businesses in the North realise their growth ambitions.”
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.
Enterprise Ventures Limited is authorised and regulated by the Financial Conduct Authority (FRN: 183363). EV Business Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN: 443560).