Manchester software company secures £2m NPIF investment in Series A round
Software-as-a-service (SaaS) firm Pimberly has closed a Series A funding round after securing a £2m investment from NPIF – Mercia Equity Finance, part of the Northern Powerhouse Investment Fund (NPIF).
The Manchester-based company will use the capital to focus on product development and attracting new customers.
The funding announcement follows 16 months of growth for Pimberly – the company behind a SaaS product information management (PIM) platform that helps retailers, distributors and manufacturers increase sales through accurate, engaging product information.
Customers of the firm’s PIM tool include greeting card company Moonpig and outdoor clothing and equipment retailer Ellis Brigham.
Pimberly chief exec Martin Balaam said: “We’re absolutely delighted to have attracted such prestigious investment.
“Reaching this Series A funding milestone so quickly is an achievement for every member of the team and underlines the exciting potential of Pimberly.”
He continued: “I am also proud to be showing that the North of England not only has a heap of great talent, but crucially has the funding available to help its businesses scale and grow.
“Securing this investment gives us the impetus we need to scale up the business in line with our customers’ needs.”
Mercia Fund Managers investment director Dr Graham Davies commented: “Pimberly is a great example of the innovation and leadership that is fuelling the Northern Powerhouse.
“Its innovative technology is already disrupting the market, and we look forward to seeing where this exciting Manchester business can go with this funding.”
The NPIF is run by the British Business Bank, whose managing director, Ken Cooper, said: “This is one of the larger equity transactions from the Northern Powerhouse Investment Fund and it highlights the strength of the region’s software sector.
“Pimberly has the potential to disrupt in the UK tech market and we look forward to seeing the business develop over the next few years.”
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