New round of funding for software specialist
NPIF Maven Equity Finance has led a £250,000 funding round for fissara, a Manchester-based software platform that enables clients to plan, manage, schedule and track their mobile workforce as they move, improving business efficiency and reducing costs.
NPIF Maven Equity Finance, part of the Northern Powerhouse Investment Fund and managed by Maven Capital Partners, originally invested £500,000 in fissara in January 2020.
This follow-on investment, which also includes £125,000 from the UK Government’s Future Fund, will help the Wythenshawe-based business capitalise on new market opportunities created by the increasing importance of digital transformation projects for UK business decision-makers, as a result of the COVID-19 pandemic.
Remote working solutions, such as fissara’s, are helping businesses overcome one of the biggest current organisational challenges, ensuring they not only remain operational, but have a robust platform in place for future growth.
Fissara’s proprietary technology already helps a range of blue-chip clients, such as O2, Motorola, Clarke Telecom, OM-3 and Peel Land and Property, have detailed control over their resources, allowing them to dynamically manage priorities, that, in turn, drives efficiencies and reduces costs.
The investment will allow fissara to continue to support the SME sector in its recovery from the COVID-19 pandemic and ensure that its proprietary technology is at the forefront of the digital transformation of the economy.
Jon Holttum, fissara chief executive, said: “A number of the market sectors we operate in, such as waste, haulage, civil engineering and telecoms are vital to keep the country going and even more so during the pandemic.
“The principles of our software solutions have always given our customers the ability to operate remotely and from anywhere through cloud-based control systems and mobile apps. This approach continues to support social distancing and sanitary working practices.
“This investment will further help us to address the changing needs of our clients and help support new customers to manage costs, whilst improving efficiency and productivity in the challenging times ahead.”
Dean Cox, investment manager at Maven, said: “The COVID-19 pandemic has undoubtably fast-tracked tech disruption across all markets as all stakeholders seek solutions to the complex problems and challenges they face.
“The key drivers for our initial investment remain the same, and if anything, the events of recent months validate the compelling proposition that fissara offers. We are proud to partner with a management team and company whose innovative solutions will enable British businesses to return to work in a safe and compliant manner.”
Grant Peggie, director at British Business Bank, said: “The pandemic has brought with it challenges to business across every sector, with digitisation of the working world happening at a speed never previously seen before.
“NPIF continues to support Northern business throughout the current crisis and beyond, including the critical digital technology sector and companies such as fissara.
“We would encourage other businesses to consider investment from NPIF as they seek to stabilise and grow which, in turn, will help the Northern economy to bounce back.”