A Lincoln company whose events software platform is used by organisers of international sports competitions has raised £400,000 to support its further growth.
Iventis has secured investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund (MEIF), and the government’s Future Fund. The company, which has been bucking the industry trend, is planning to use the funding to create seven new jobs.
The company, which was founded by Joe Cusdin who had worked on the London 2012 Summer Olympics, says the pandemic has increased demand for its software. Although major events and festivals have been postponed, reorganising them while taking into account social distancing and events teams working from home has highlighted the need for online tools and more detailed planning.
The latest funding round follows a £250,000 investment by MEIF last year.
Iventis Non-Executive Chairman, Keith Greetham, said: “I’m delighted to see Iventis make huge leaps forward in its growth. The company is recruiting talent from within the events industry, which has suffered immensely during the pandemic. We already have high-profile early adopters of the Iventis software, many of which are relying on its capabilities to reschedule and redesign their events.”
Sandy Reid, Investment Director at Mercia, added: “Iventis is well positioned to help the events industry reorganise events and recover from the impact of the pandemic. The business continues to build relationships with top-level global event organisers and this investment will allow it to expand its team further as client numbers increase.”
Lewis Stringer, Senior Manager at the British Business Bank said: “The Midlands Engine Investment Fund is committed to ensuring Midlands’ businesses have access to the finance they need to grow. This latest investment will enable Iventis to develop its innovative software platform, whilst creating new job opportunities in the region.”
Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership, said: “Iventis is a great example of an innovative Lincolnshire tech business and we’re very pleased to see its growth supported by this funding.
“The events and festivals sector has been hit hard by the pandemic and we applaud Iventis for adapting and innovating in order to support event organisers in the UK and around the world.
“It’s fantastic to see more and more businesses thriving in the emerging digital cluster we have here, and good to see that they’re being nurtured in a really supportive business environment.”