L-R: Alex Buchan, Alex Marsh, Ajay Sood, Sukh Ryatt, Sarah Slaven, Neville Bearpark and Michael Vassallo
Gateshead-based software specialist Orchidsoft has been boosted by a £2.7m investment led by Maven Capital Partners.
The funding will enable the business to expand its sales and marketing efforts across the UK and US and to grow its team of 45 employees to over 100 by 2022.
Orchid develops and sells intranet solutions. As the market has shifted towards cloud-based solutions, the business has invested heavily in developing its own globally scalable cloud-based platform called Oak.
Since its launch in 2016 Oak has been adopted by a range of high profile, blue-chip customers, who join the list of house-hold brands the company already works with such as Aldi, Comic Relief, Halfords, Pizza Express, ITV, Virgin Money and Newcastle Building Society.
A total of £2.2m has been provided by Maven funds, which includes a £700,000 investment from the Finance Durham Fund, in addition to a £500,000 follow-on investment from existing backers Northstar Ventures, from the recently launched North East Fund
Sukh Ryatt, CEO at Orchid added: “Our amazing team have created something really special with Oak and it’s been an incredible year for us, with record sales and growth and now with this transformative investment, which will allow us to scale our business globally. We’re thankful for the great funding partners we have in Maven, Northstar Ventures and Finance Durham and look forward to working together with them to make a noise from the North East that’s heard around the globe!”.
Michael Vassallo, investment director at Maven said: “Orchid is a hugely exciting business, which addresses a large and growing market, and we are delighted to support the roll-out of its innovative cloud-based intranet software across the UK and overseas. We have been highly impressed by the management team and our technical diligence has shown the Orchid product suite to be best in class. The co-investment deal between Maven’s Investor Partners network, Northstar Ventures and Finance Durham is a fantastic example of Maven’s client funds working alongside regional funds in the North East to provide a local business with a sustainable funding package to enable it to grow globally.”
Alex Buchan, investment director at Northstar Ventures said: "We’ve worked with Orchid for several years now after being impressed with the team and the potential for Oak. We've been delighted to give our support and funding to help the development of the product and are really happy to see another of our investments expanding and heading for even more success."
Sarah Slaven, Business Development Director at Business Durham said: “We are delighted that the Finance Durham investment will support Orchidsoft’s continued growth when establishing its head office and training centre here in Durham. Orchid has been a pioneer providing intranet solutions for over twenty years and we look forward to working with Sukh and the team in this next exciting phase of development for the business.”
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement