Cheltenham software firm raises £2 million for growth during lockdown
A Cheltenham-based software as a service (SaaS) company whose software helps businesses automate their processes more rapidly has raised £2.2m from the Northern Venture Capital Trust (VCT) Funds, managed by Mercia.
The investment, which concluded during lockdown, will allow Enate to further develop its platform and expand its customer base and distributor network across Europe and Asia. The company has seen a growth in revenue of 200 per cent year on year,
Enate was founded by Kit Cox, a software developer who initially created the system to help businesses manage outsourcing more efficiently. However, with the growth in Robotic Process Automation (RPA), he recognised the need for a product that could orchestrate the combined human and digital workforce.
“We’re particularly proud to have concluded this deal to support our growth during such an unpredictable time,” confirms Kit Cox, CEO of Enate.
“COVID-19 has changed the way we work forever. Enate helps people manage a distributed and diverse workforce and get the job done, which is exactly what businesses need in the current environment. Enate will be one of the technologies that defines the future of work as the ‘new normal’ starts to emerge; a future where work is remote and working with your digital buddies is second nature.”
Launched in 2017, Enate now has a global customer base ranging from smaller services businesses to major insurers, banks and professional services firms such as EY and Capgemini. The company has seen increased demand since the lockdown, as businesses seek new ways to deliver services with a workforce operating from different locations, quickly. In one recent case, it helped a major law firm to comply with changes to EU reporting rules, after it had to abandon plans to recruit temporary office-based workers.
Jason Warren of Mercia added: “As humans and bots increasingly work alongside each other, Enate orchestrates the entire workforce to ensure that businesses get the right worker for the right task at the right time. While there are myriad technologies that focus on specific tasks, Enate is unique in that it controls the whole process. We believe it could play a key role in the future of work.”
