Software firm raises £1.1 million to launch global scale-up campaign
Cardiff-based software firm OpenGenius has secured £1.1 million of investment to launch a global expansion campaign.
The firm, which develops solutions for innovators and creative teams, received £500,000 from the Development Bank of Wales and a further £600,000 from private investors.
Using the funds, OpenGenius will continue to expand its product portfolio around the world and has its sights on stock market flotation.
OpenGenius is predominately known for its task management app, DropTask, which has attracted a worldwide client base. Customers include Harvard University, Nike, Ralph Lauren, Coca-Cola and McDonald’s, among others.
In 2017, it became the first Welsh company to take part in the international ‘accelerator’ training and networking programme (ELITE) at the London Stock Exchange.
Owner and founder Chris Griffiths said: “OpenGenius is excited to gain this investment; it will play a big part in the company’s development over the next year as we continue to expand our international customer base.”
“We’re proud to be based in Wales, and firmly believe that DropTask can help people improve their productivity all around the globe.
“With this investment, we can accelerate the development of DropTask, and be more aggressive in our marketing. We have our sights set on flotation in the very near future, and this investment takes us one step closer.”
Alexander Leigh, a technology venture investments executive with the Development Bank of Wales who led the transaction, added: “This £1.1m investment will provide OpenGenius with the capital it needs to further refine its innovative SAAS platform and accelerate its global expansion plans.
“As lead investor the development bank recognises the importance of the co-investment from sophisticated private investors who bring considerable sector experience to the company.
“Chris Griffiths is a respected, Welsh entrepreneur and has built an impressive organisation with an experienced management team which now has the ability to scale up and create additional high calibre jobs at its headquarters in Tec Marina.”