Digital platform gets in shape with NPIF funding
Liverpool-based CEMOS Solutions, a cloud-based digital platform developer, has received £150,000 of equity funding from NPIF – Maven Equity Finance, which is managed by Maven Capital and part of the Northern Powerhouse Investment Fund.
The investment was administered by MSIF, which has partnered with Maven Capital to deliver funding to businesses in the Liverpool City Region.
CEMOS uses its platform to create mobile applications that are tailored for health, fitness and wellbeing.
Its first digital product, Get Event Fit, helps charities better prepare their fundraisers by providing them with comprehensive training programmes.
This includes running fitness, sports nutrition, mindset education and daily motivation which are delivered into the Get Event Fit app to educate, inspire and keep them motivated throughout their training.
Get Event Fit have partnered with JustGiving and is available for free from more than 100 participating charities including Cancer Research UK, Marie Curie, Scope and Roy Castle Lung Cancer Foundation.
The deal, which is the first equity investment made by NPIF – Maven Equity Finance in the Liverpool City Region, will allow the company to diversify its Get Event Fit offering with additional training programmes for cycling, swimming, triathlon and trekking, whilst also developing new health and wellbeing products.
CEMOS will use the funding to more than quadruple its headcount over the next three years and drive international expansion by targeting overseas charities and brands to collaborate with.
Chris Mitchell, managing director at CEMOS, said Having partnered with some of the UK’s leading charities, we are enhancing the way fundraisers prepare for their event, whilst also helping charities maximise their fundraising efforts.
“With this investment, we can further our horizons and introduce new products that will not only support our expansion, but also help educate, empower and encourage positive lifestyle behaviour choices.”
Ken Cooper, managing director at British Business Bank, said: “CEMOS is a good example of the type of ambitious company that the Northern Powerhouse Investment Fund has been designed to support. It is important that the momentum from this first equity investment in the area is maintained and our fund managers will continue to seek out high-growth companies in need of funding in the Liverpool City Region.”
Mark Basnett, managing director at Liverpool City Region LEP, said: “The essential element of the Northern Powerhouse Investment Fund (NPIF) is to support businesses to make significant investments which will sustain their growth for the coming months and years and it is great to see innovative companies such as CEMOS receive support with their expansion plans.
“NPIF is a welcome addition to support our growing businesses and those with potential for growth. It’s also good to see this fund locally administered through MSIF as this helps to simplify the funding landscape for local business.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside 10 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.