Newcastle-based employee communication and engagement platform Oak Engage has raised £7.4m as it closes its Series A investment round.
Maven Capital Partners led the most recent £2.6m investment in the company.
Based at Newcastle’s Generator Studios, its platform allows businesses to engage and connect their people through its mobile app and SaaS (Software as a Service) platform.
A total of £1.8m has been provided by Maven’s Investor Partners network alongside a further £775,000 from the Maven managed North East Development Capital Fund and the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, as well as existing and new private investors.
Today’s transaction has now completed the series A round, in which Maven has invested a total of £6.025m to date, alongside a further £1.375m from private investors and regional funding.
The new capital will be used to support the customer contracts Oak Engage has secured over the last 12 months, as well as create 26 new jobs across its sales and marketing divisions.
Its platform is now used by brands including Aldi, Five Guys, Halfords, Boohoo, and ITV.
Will Murray, CEO of Oak Engage, (pictured) said: “This further injection of capital further secures our place as industry leaders within the intranet software and internal comms industry. We will continue to invest in growth, our technology and in our product as we continue to push forward with the support of investors.
Michael Vassallo, Investment Director at Maven, added: “Oak is a proven, fast growing technology business led by strong, experienced management team. The platform is globally scalable and as employee engagement is becoming increasingly recognised as pivotal in the overall success of a business, Oak continues to secure a number of impressive customer contacts.”
