£750k funding boosts Gateshead software firm's growth plans
Gateshead-based Orchid Software has revealed plans to roll out its cloud based intranet service, Oak, after securing £750k in funding from FW Capital.
The investment, which builds on initial funding in 2014 from Northstar Ventures, will underpin marketing and sales activities at the firm, whilst enabling further product development to take place.
Orchid has 18 years of experience in building intranet solutions to support internal communications, employee engagement, CRM, human resources, document management and much more, working with clients such as ITV, Virgin Money, Nissan, NHS and Comic Relief.
The firm has also recruited UNW LLP founding partner Neville Bearpark as part time Finance Director, whilst David Pinches joins Orchid Software as Marketing Director after working for North East tech companies such as Sage plc and Scott Logic.
David said: “The potential for Oak is enormous. In a few short months since an initial launch, Oak already has tens of thousands of users from organisations large and small, including Moss Bros, Halfords and Hays Travel. I’m thrilled to be joining a dynamic business with huge global ambition.”
Sukh Ryatt, Managing Director, commented: “Our vision with Oak was to create a beautiful and engaging all-in-one enterprise grade intranet solution that could be set up and deployed in a matter of days.
“This is without the need for any external consultancy or development work. Importantly, it had to be affordable to any size of business.
“I’m proud to say we’ve succeeded. Oak is getting rave reviews from users and we have clients ranging from a small ladies’ football club to massive retailers such as Moss Bros and Halfords.
“This wouldn’t have been possible without the amazing team at Orchid Software that has worked so hard to make our vision a reality. I’m excited that we’re now ready to share this with the world!”
The funding from FW Capital’s North East team was led by Investment Executive, Keith Charlton. Orchid Software was advised by UNW LLP and Watson Burton LLP.