A Birmingham-based developer of digitisation solutions for businesses has secured a growth finance loan from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund, and backed by the Recovery Loan Scheme (RLS).
The investment, which accompanies an additional equity raise, will fund staffing and overheads whilst facilitating the creation of six new sales roles.
Opinsta’s Operations Management Platform is an all-in-one mobile-first solution designed to eliminate manual processes, discover actionable data and enhance the ROI of existing systems within large enterprise organisations.
The platform can be quickly deployed in organisations and customised to meet the exact needs of clients. It can integrate with existing software enabling a seamless data flow between complex legacy systems (including SAP, Maximo and ServiceNow) and front-line operations.
It has been pivotal in helping organisations optimise operational efficiency, saving costs and time, enhance the ROI of existing software platforms and increase customer and employee satisfaction levels.
Rajesh Verma, Opinsta founder and CEO, said: “Since our launch in 2014, Opinsta has delivered B2B software for industry-leading businesses across multiple sectors, helping to deliver millions in operational savings for our clients. Although Covid-19 delayed our planned growth across other sectors and geographies, we are now facing extensive opportunities in these areas. This MEIF funding will allow us to forestall any further Covid impact and focus our efforts fully on escalating the delivery of our market-leading platform.”
With increasing numbers of businesses seeking effective and efficient digital solutions for their work processes, the market opportunity is substantial. Opinsta is looking to expand across multiple industries including manufacturing, logistics, sports stadiums, car manufacturers and infrastructure companies, both in the UK and internationally.
Kerry Haughton, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, added: “Raj has spent considerable time assembling a strong core team to hone the platform and lay the groundwork for expedited growth. Despite Covid related setbacks, the team continued to add a significant number of new clients throughout 2021 and they are now ready to capitalise on this traction. As an agile and client-focused SME with a first-to-market advantage, Opinsta is in a great position to scale quickly and achieve its growth ambitions.”
Ryan Cartwright, Senior Manager, UK Network at the British Business Bank added: “MEIF funding has a range of uses for businesses, such as building team, expanding premises and purchasing new equipment. This latest package, backed by the Recovery Loans Scheme, will support Opinsta with the creation of six new job roles. Other businesses in the Midlands region looking to mitigate the impact of Covid or move into the next stage of development should consider MEIF funding.”
Ian Tandy, Board Director at Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) commented: “Across our region, we have a thriving community of digital technology businesses and innovators like Raj and his team at Opinsta. With digitisation a growing trend due to the pandemic, B2B digital platforms are in demand more than ever. This latest round of investment therefore is not only supporting Opinsta’s growth ambitions but SMEs looking to improve the efficiency of their operations. This is critical to delivering GBSLEP’s mission to drive inclusive growth through enabling and supporting our businesses to unlock their potential.”
The Midlands Engine Investment Fund project 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 and the European Investment Bank.
The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.