A North East employee engagement company has announced that it is creating nearly 30 new jobs after a £2.6m series A funding round.
Oak Engage, based in Newcastle, has completed its series A round, which was led by Maven Capital Partners, raising a total of £2.6m.
Maven invested £1.825m in the round, as well as a further £775k 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.
The funding will enable the business to scale further to support the customer contracts it has secured over the last 12 months, as well as create 26 new jobs across its sales and marketing divisions.
Michael Vassallo, investment director at Maven, commented: “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.
“We look forward to working with Will and the team as the company scales further and continues to expand.”
Will Murray, CEO of Oak, said: “With the work we have done so far we are just beginning to see how transformational our new approach to the company intranet can be.
“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.
“Products like our intranet software can help businesses connect their people, boost employee engagement, and promote wellbeing, giving everyone a voice at a time when they need it most.
“This will be key now that the majority of people will want some sort of flexible working situation going forwards. There is so much more to come from Oak Engage in the coming months and years.”
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