Games developer using tech to motivate sales teams raises £600k
A Midlands software company which uses the power of video games to help businesses manage and motivate their sales teams has raised a further £600,000 for expansion.
Stormburst Studios secured funding from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund (MEIF), and Mercia’s EIS funds. The latest investment follows an earlier funding round of £150,000 in 2017 from Mercia’s EIS funds.
Based in Tamworth, the company was founded in 2016 by two former games developers, Derry Holt and James Heath, and currently employs seven staff members. The funding will allow it to create six new jobs, with the aim of doubling its revenue in the run-up to a planned Series A investment round in 2022.
Stormburst’s platform OneUp Sales offers an innovative approach to sales management - engaging staff in different locations, allowing teams to compete against each other online and providing detailed performance insights for managers.
Derry Holt, the company’s CEO: “When everyone is working from different locations, it can be hard to manage and motivate sales teams. OneUp harnesses the power of data and brings greater visibility on performance, which in turn helps engage and motivate staff. It also injects an element of fun. This investment will enable us to further develop the system and reach a wider audience.”
David Baker of Mercia added: “Remote working is here to stay, which will make platforms like OneUp all the more important to companies in the future. Stormburst Studios has made great progress and is now ready to scale up. This latest investment will allow it to achieve rapid growth in its market with the aim of becoming a market leader.”
Grant Peggie, Director at the British Business Bank, said: “The MEIF is committed to supporting Midlands’ businesses to create and develop technology and to innovate. This latest investment will helpanother business in Staffordshire to build its team and reach new audiences. We are determined to support more businesses to innovate and grow and support the Midlands’ strength in software development.”
Tim Pile, Chair at Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) added: “Here is another example of how valuable this initiative is in helping our SMEs to grow and expand. It’ll allow Stormburst Studios to create jobs in a sector that is thriving in our region. Through our own work, GBSLEP has recognised the importance of the software industry and we’re working with our partners to maximise its potential to drive inclusive economic growth.”
Jamie Partington of Higgs & Sons provided legal advice to Mercia on the deal.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
