Fast-growth technology business secures ‘eight-figure’ investment
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Technology business Wise has secured an eight-figure investment from private equity firm Inflexion to accelerate the expansion of the Solihull start-up.
Wise was launched in 2019 and already employs 50 people deploying its technology that works with companies that has a self-employed workforce.
Its platform is used by 250 UK logistics firms and 14,000 self-employed drivers to manage everything from onboarding to document storage and compliance.
Mid-market specialist Inflexion has taken a minority stake and its significant investment will fuel the ambitions of the fast-growing business.
Simon Hills, chief executive of Wise, said: “Since founding Wise, we’ve been on a truly incredible journey. We’ve brought together a team of 50 talented individuals and built a business we’re all proud of.
“Now, with this investment from Inflexion, we’re excited to move on to the next stage of the Wise journey. We’ll continue to improve the technology for our existing clients while we roll out our intuitive platform to a variety of new sectors.”
Wise’s self-employment platform is mainly focused on the UK logistics and courier industry, supporting a network of last-mile delivery providers who work with carriers including Amazon, DPD, and Hermes.
It plans to grow into new sectors such as construction and private hire after securing the multimillion-pound investment from Inflexion.
Simon Turner, managing partner at Inflexion, said: “In a short space of time Wise has established itself as an emerging champion catering to the growing demand from the intersection of self-employment and last-mile logistics.
“An explosive e-commerce market combined with Wise’s market-leading offering make the business extremely well placed to continue its impressive growth.”
Wise was advised on the deal by Titan Partners Group and its founder, Mike Henebery, who originated the transaction. The technology firm was also supported on the deal by law firm Fieldfisher Birmingham, led by corporate partners Graham Muth and Andy Lawton-Smith.
Muth said: “It has been a great pleasure to be involved in this transaction for the Wise team, one of the leading innovators in the West Midlands.
“The scale of this investment is testament to the quality of Wise’s business and its people, whom we congratulate on the completion of this deal and wish every success with taking their transformative technology to the next level.”