A Penryn-based software company has secured £250,000 investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), as part of a £750,000 funding package, which also includes £250k from Cass Entrepreneurship Fund and £250k from the Chelverton Investor Club, managed by Chelverton Asset Management.
FibreCRM has created a specialist cloud-based Client Relationship Management (CRM) system specifically for accountants. The CRM integrates the different technologies used by accountancy practices, allowing an easier flow of information and ultimately helping make accountants’ lives easier.
The company already has an impressive client list boasting some of the UK’s most progressive accounting firms and is experiencing growing interest in its innovative software. The solution helps firms build stronger relationships by being more productive and proactive with their marketing, business development and operations, in addition to bringing much needed visibility throughout the practice.
FibreCRM founder and CEO, Simon Leek, said: “The investment comes at a crucial time, enabling us to grow the team in Cornwall, build capacity to service increasing demand and continue to innovate. We are thrilled that our product is being so well received by the industry, as evidenced by our recent shortlisting for Accounting Excellence’s software innovation of the year award.”
Ralph Singleton, Senior Fund Manager at The FSE Group, the appointed CIOSIF fund manager, commented: “FibreCRM have created a unique offering which the management team has further strengthened through establishing strategic partnerships with other leading suppliers in the industry. They are now well-positioned to take advantage of the significant opportunities available to them and we are pleased to be helping them achieve their goals.”
Richard Bucknell, who led the investment on behalf of Chelverton, and who will join the FibreCRM Board commented; “Simon and his team at FibreCRM are entering a really exciting period, bringing a genuinely value-adding product to a sector that is now beginning to see the benefits that an industry-specific CRM solution can deliver. We’re very much looking forward to working with Simon and our co-investors over the coming years”.
Linda Coyle, Investment Manager at the Cass Entrepreneurship Fund stated “we are impressed with the industry knowledge of the team, the level of customers and partnerships achieved to date and therefore, are delighted to support FibreCRM in their next phase of growth”.
CIOSIF is a £40m fund providing debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).
LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “FibreCRM’s software drives productivity through efficient client relationship management, freeing up accountants to concentrate on providing excellent service to their clients. It’s a great business and we wish them every success.”
Ken Cooper, Managing Director at the British Business Bank, added: “This is a great example of an ambitious Cornish company taking advantage of the opportunities offered by the CIOSIF funding to grow and address new markets. It is companies like FibreCRM that will provide the innovation and growth needed for the Cornwall and Isles of Scilly economy to thrive.”
CIOSIF 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. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government.