AppLearn secures debt funding from Silicon Valley Bank and NPIF – Maven Equity Finance
Funding to support fast-growing software provider’s growth into new markets and create 60 new roles.
AppLearn has secured significant financing from Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and investors, and NPIF – Maven Equity Finance, managed by Maven Capital Partners (Maven) and part of the Northern Powerhouse Investment Fund (NPIF).
Funding from SVB and NPIF – Maven Equity Finance equates to an 8-digit figure investment. The revolving lending facility will enable AppLearn, which also has offices in Boston and San Francisco, to scale its international reach as it makes considerable in-roads in the multi-billion-dollar global DAP market.
Funding will also support the creation of up to 60 new roles within the organization’s North West-based team, as it embarks on an ambitious program of international growth. With customers in c.100 countries currently, the funding will see AppLearn’s flagship DAP product, Adopt, launched into new territories such as South Africa. It will also accelerate the company’s presence in the lucrative North American market.
A DAP is a layer of software that seamlessly integrates with other applications, intuitively learning how users interact with it. It gathers information to provide support in the flow of work (in-app), user analytics, which guides people through tasks and functions. This enhances productivity, improves user onboarding, and helps organizations to better optimize critical technology investments to drive business objectives.
The financing from SVB and NPIF- Maven Equity Finance follows an investment into AppLearn from California-based K1 Investment Management secured in September 2019. As a result of this investment, the company has gone on to substantial growth.
AppLearn is led by CEO Andrew Avanessian, who joined the business in 2019 and was formerly COO at cyber security company Avecto. Together with an experienced C-Suite, Avanessian has overseen growth of 108%.
Andrew Avanessian, CEO of AppLearn, commented: “Silicon Valley Bank and NPIF -Maven’s support comes at a pivotal time for our business. The strides we have made in the digital adoption market over the last three years has placed AppLearn on the cusp of transformative growth. This funding now enables us to put in place the foundations to fuel our ambitious international strategy and growth plans.
“The global appetite for digital adoption is rapidly advancing, in no small part due to the events of last year. With an increasing number of businesses accelerating their digital transformation journeys, global IT spending is expected to reach $4 trillion this year. AppLearn is in a prime position to bring our technology to this ever-expanding market, and we’re excited to be doing this with NPIF – Maven and Silicon Valley Bank’s backing.”
Dean Cox, Senior Investment Manager at Maven, said, “AppLearn is addressing a genuine need in in the industry for digital transformation services. The business is well placed to take advantage of the current migration to a digital economy and leverage off the new challenges facing enterprises today. We’re delighted to back Andrew, Adam and the team who are experienced and technology focused with an excellent reputation in the market.”
Ben Tickler, Director of Venture and Growth at Silicon Valley Bank UK Branch, said, “Silicon Valley Bank is delighted to extend its partnership with the outstanding team at AppLearn and their trusted investors. It is great to see further funding in Manchester’s innovation ecosystem and we look forward to watching the team continue to grow, build, and scale.”
Grant Peggie at British Business Bank, said, “the Northern Powerhouse Investment Fund is committed to backing innovative growing businesses across the North to achieve their objectives. AppLearn’s story demonstrates the impact that investment can have on an organization’s growth and we look forward to seeing the success that AppLearn achieves in Manchester, across the UK and globally.”Back to news