Native cloud platform specialist Forrit will expand its operation after receiving scale up support from the Scottish National Investment Bank.
The £5million of funding will allow the Edinburgh headquartered technology developer to expand its workforce and target new markets.
Established in 2014 Forrit is a developer of cloud-based Content Management System (CMS) software. Its cutting-edge platform is used by globally renowned businesses to enhance customer experience, guarantee high levels of online security, and enable more efficient management of cloud-based web estates for enterprise clients.
The Bank’s backing will see the creation of 15 new skilled jobs that will support Forrit’s expansion. The company will also strengthen its relationship with Microsoft as a ‘Preferred Solution’ and trusted Microsoft Partner.
Forrit CEO, Peter Proud, said:
“We’ve experienced enormous growth as a company since we launched almost a decade ago – building a brilliant team who have in turn created an extremely strong product. While to date we have self-funded our growth through client engagements, as we take Forrit to the next level, now felt like the right time for us to seek external institutional funding. This investment from the Scottish National Investment Bank will help us to expand our presence not only in Scotland but also to expand into new markets across the UK and beyond.
“We are incredibly proud of our Scottish roots, so working with another Scottish organisation was extremely important as both parties are focused on benefitting Scotland. We have ambitious plans and only want to add to the success of the Scottish tech ecosystem. We hope to continue to add to this both as a provider of an exemplary content management system, but also as an employer. Thanks to the Bank’s investment, we look forward to growing that even further as we scale up both the company and our product.”
The Scottish National Investment Bank was set up to invest patient capital in business, projects and communities that align with its missions.
To date £97.9million of backing has been provided to help harness innovation and provide support to industries of the future.
The Forrit investment will help further develop the Scottish tech ecosystem and enhance the sector’s global reputation for excellence.
Jimmy Williamson, executive director of innovation at the Scottish National Investment Bank said:
“The Bank’s investment will support Forrit as they look to reach the next stage of their development.
“Our investment will enable Forrit to create new, high value technology development jobs, futureproofing skills in Scotland’s tech ecosystem and supporting plans to export their differentiated proposition to enterprise clients globally.
“Forrit’s CMS system technology has a strong alignment with our Innovation mission and we look forward to working with them to deliver their ambitious growth plans.”