A Lincoln company whose events software platform was used to help plan the Special Olympics in Berlin, has raised £1.5m to enable it to bring its technology to a wider audience and create new jobs.
Iventis has secured investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia Ventures and part of the Midlands Engine Investment Fund (MEIF), and Mercia’s EIS funds.
Iventis enables teams planning events to collaborate online by bringing together satellite imagery, maps, architectural drawings and other data in one easy to use platform. It can handle even the largest and most complex events and clients can also receive hands-on support from the company’s 15-strong team.
The company has worked on a host of high-profile events including the 2022 Birmingham Commonwealth Games, the World Cup and Dubai Expo. The latest funding will enable it to further enhance its technology and bring it to a wide range of event planners.
Iventis was founded by Joe Cusdin who had previously worked on the London 2012 Summer Olympics. Mercia first invested in the business in 2019. The latest funding brings the total it has raised to date to over £2.1m and will enable the company to create around six new jobs.
Joe Cusdin, CEO, said: “Planning high-profile events is extremely complex with a host of different factors to consider – from designing and building the infrastructure and planning schedules to managing crowd control, transport and security. However the industry still relies heavily on spreadsheets, drawings and data in different formats. With Iventis we have already shown how technology can transform large-scale event planning. We will now be bringing our innovations and technology to a wider audience.”
Sandy Reid, Investment Director at Mercia, added: “Joe and the team have built a first-rate product and attracted a gold-standard client base. We believe there is huge potential to grow the business, not only in the field of sport and entertainment but also in areas such as tourism, transport and construction – anywhere teams need to work together to plan and manage complex operations. The funding will enable the company to strengthen its management team with a number of key appointments and accelerate sales growth.”
Mark Wilcockson, Senior Investment Manager at British Business Bank, said: “The MEIF aims to support the advancement of regional SMEs that are innovative and have vast growth potential. MEIF Proof-of-Concept & Early Stage Fund provides ambitious businesses in the Midlands with financial investment to enable expansion and growth. This funding for Iventis will help the company with the creation of six new jobs in the Midlands region while introducing its technology to a wide range of new audiences.”
Greater Lincolnshire Local Enterprise Partnership (LEP) Chief Executive Ruth Carver said: “I am delighted that Lincoln company Inventis has secured further investment through the Midlands Engine Investment Fund (MEIF). The Greater Lincolnshire LEP, along with the European Union, co-funded the MEIF to help fuel local businesses’ growth ambitions and it is good to see investment into a digital events platform and investment in talent locally.”
The Midlands Engine Investment Fund 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.