Foresight Nottingham Fund ("the Fund”), the £40m regional fund for growth businesses in Nottingham and Nottinghamshire, announces the investment of £500,000 in local tech firm, AppInstitute.
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Dubbed the ‘Wordpress’ for mobile apps, AppInstitute is set to be at the forefront of the mobile app platform industry. Their cloud-based service aims to revolutionise the app market by providing a SaaS (Software as a Service) platform that allows SMEs and individuals with little to no prior technical knowledge to create their own app.
With its central operations based out of Nottingham’s Creative Quarter, AppInstitute was founded in 2011 and has partners and end-client businesses in more than 10 countries over 4 continents, with an initial focus on the UK market. The company currently has 16 staff in Nottingham with expectations to reach 50 over the next few years.
Foresight Nottingham Fund has invested £500,000 to support CEO Ian Naylor and CTO/COO Justin Ashurst as well as a new Chairman Paul Brennan, who has extensive software and cloud experience. The investment provides the Company with development capital to drive further growth and job creation in the years ahead. The business has grown steadily in recent years and with new investment from the Fund to unlock additional capacity the company’s growth trajectory is forecast to accelerate.
Nottingham based advisers on the transaction include Gavin White of Fraser Brown LLP, Austin Moore of Austin Moore LLP and Kym Ellington of KD3 Financial Consultancy Limited.
Tom Thorp, Director of Foresight Group LLP commented "We are delighted to be supporting this ambitious management team through the investment in AppInstitute, which is a great example of the creative and dynamic technology businesses based in the City.
Ian Naylor of AppInstitute added: "We believe every SME should be able to harness the benefits a mobile app will bring to their business in order to compete against their larger counterparts. The fact that Nottingham has this dedicated regional fund with a mandate to support businesses like ours in the area, is a testament to the vision and commitment Foresight has shown to the region.”
Councillor Nick McDonald, Portfolio Holder for Jobs Growth at Nottingham City Council stated: "This investment is good to see. The Nottingham Investment Fund was set up to invest in growth companies and to help companies like AppInstitute - an exciting, growing company in one of Nottingham's priority sectors, that I believe will create a lot of jobs in the future.This investment coincides with the City Council’s own £1 million investment in the Fund and I would urge early stage companies and small to medium sized businesses in Nottingham and Nottinghamshire to make contact with Foresight."
This investment in AppInstitute is the fourth made by the Fund since it was formally launched twelve months ago by Minister for Cities, The Right Hon. Greg Clark MP.
For further information, please contact:
Ian Naylor firstname.lastname@example.org +44 (0)800 160 1602, mob +44 (0)7403 400945
Notes to editors:
About AppInst Limited
AppInst Ltd. (AppInstitute) is a Software-as-a-Service (SaaS) provider based in Nottingham, UK. The company offers a solution stack to enable its SME customers to create and manage affordable Smartphone Apps (iOS and Android), with no tech skills or coding, for the following business cases:
- Food Ordering (Takeaways and Restaurants)
- m-Commerce (Selling physical goods)
- Customer Loyalty (Earn points with Location Check-in’s/QR Code Scans)
- Event Bookings (Calendar led bookings)
- Messaging (Push Notifications, App-to-Admin messaging)
- Rich Content (HTML, Images and Videos)
- GEO Listings (Find your nearest services)
- Data Capture (Customer feedback, registrations, expressions of interest)
AppInstitute is a company driven to provide customers with a complete solution to enable them to harness the growing demand for mobile solutions. The company's customer base includes all small-to-medium-sized businesses, including start-ups.
About Foresight Group
Foresight Group is a leading infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for 30 years.
Foresight has £1.3 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs).
Foresight has recently acquired two utility scale solar power plants in the area on behalf investors in its Solar EIS funds, investing c. £20 million in two plants close to Mansfield – Welbeck Colliery and Bilsthorpe Colliery.
About Foresight Nottingham Fund
Foresight Nottingham Fund is a £40 million dedicated regional growth fund that has been created to support SMEs specifically in Nottingham and Nottinghamshire. The Fund exists to provide investment and support to businesses in the Nottinghamshire region, to stimulate enterprise, to create jobs and to attract inward investment to the region.
Foresight Nottingham Fund includes investors such as the Nottinghamshire Local Government Pension scheme, and a number of high net worth individuals with deep ties to Nottingham and Nottinghamshire.
The Fund invests between £100,000 and £2 million into SMEs which are either based in Nottingham and Nottinghamshire, or are relocating to the region after investment.
The fund, run on fully commercial terms, aims to attract further funding to the region and is a key part of the Nottingham and Nottinghamshire Growth Plans, developing Nottingham and Nottinghamshire as a place to do business and creating new jobs in the City and County.
The Fund is part of the £50 million Nottingham Prospectus, the city’s package to attract further investment to boost Nottingham’s economy. The Nottingham Prospectus is part of the Nottingham Growth Plan, a single source access point for all the financial and business support available for investors in the city. The full programme of support available to business can be seen at www.growingnottingham.com.