NVM backs employee engagement startup with £2.2m growth capital boost
Newcastle-headquartered investment firm NVM Private Equity has backed employee engagement startup Mo with a seven-figure capital boost.
Mo, formerly trading as Thanksbox, provides proprietary technology to help organisations build stronger cultures and give employees greater meaning in the workplace.
The London-based business will use the £2.2m growth capital from NVM to scale up, expand its team and develop its platform.
NVM connected with Mo at a showcase hosted by Creative England in London last year.
The event offered early-stage companies the opportunity to pitch to potential investors and NVM was reportedly impressed with Mo’s co-founder and CEO, Luke Fisher.
NVM’s Jason Warren, who has taken a seat on the Mo board, said: “This is a really exciting deal for NVM.
“We were impressed from the outset by the clear vision Luke has for the business and the traction he has achieved over the last few years; it’s exactly the type of early-stage business we look to support.”
He added: “Organisations are placing more and more focus on employee engagement and we believe there is great potential for Mo to work alongside them to improve their culture.”
Mo CEO Luke Fisher commented: “We’re absolutely delighted to have partnered with investors that believe in our story and our ambition to create a better future of work.”
Sanjeev Sharma and Adam Leszczynski of law firm Shoosmiths advised NVM on the deal.
Sanjeev Sharma commented: “We are delighted to have advised NVM on this investment into an exciting product to make workplaces better through employee recognition and appreciation.”
The UK is set to leave the EU on 31 October 2019. Are you preparing for Brexit? Complete the North East Growth Hub and Tees Valley Business Compass’ 3-minute survey →