Stephens Scown’s corporate team have recently assisted an innovative South West software company in securing equity investment, bringing together multiple investors for a total investment of £750,000.
Gavin Poole, corporate partner, and James Rickard, a solicitor in the corporate team, helped to secure investment from three sources for FibreCRM, a Penryn-based software company.
The company provides a unique cloud-based Client Relationship Management (CRM) system specifically for accountants, and counts progressive accounting firms such as Kingston Smith, Duncan & Toplis and PKF Francis Clark among its clients.
Alongside a lead £250k equity investment from the Cornwall and Isles of Scilly Investment Fund (CIOSIF), funding of £250k each was also secured from CASS Entrepreneurship Fund and Chelverton Asset Management Limited. The investment is expected to create over 10 jobs over the next three years, and will help FibreCRM to expand its offering to accountancy firms across the country.
Simon Leek, FibreCRM founder and CEO, says: “With millions being poured into technology across the world, it’s a real achievement for a small Cornish company to secure this financial backing. The investment is going to enable us to grow the team in Cornwall and continue to innovate, and we already have new positions opening at the company”.
FibreCRM is also celebrating its shortlisting for the Accounting Excellence Software Innovation Award, having reached the final five for the Software Innovation of the Year award.
Commenting on the positive outcome of the deal, Gavin Poole said:
“Getting all of the investors around the table to support FibreCRM has been a great success, and their recent award nomination shows that the company has a bright future ahead.”
Ralph Singleton, from the Cornwall and Isles of Scilly Investment Fund, says: “CIOSIF was created to support innovative, fast growing companies across Cornwall and the Isles of Scilly. It is good to see that investment in FibreCRM will support the creation of new jobs in Cornwall.”