A mobile app and digital products developer founded in Dundee in 2007 has received a £4.8m investment from private equity backers.
Waracle received the backing from BGF, the UK and Ireland’s most active investor in growing businesses, to support its long-term growth plans.
Waracle designs, develops and manages mobile apps and other digital products, working with some of the UK’s largest businesses across sectors including fintech, digital health and energy.
The company continues to develop industry-leading digital solutions across the full mobile app development spectrum, including mobile, IoT, and Extended Reality (‘AR’ and ‘VR’).
Founded in Dundee in 2007, the business has since scaled across Scotland with 140 people in offices in Dundee, Edinburgh and Glasgow, and has recently strengthened its London office with several key hires to further support businesses based in the capital.
BGF’s investment will be used to support Waracle’s organic expansion and growth plans as it looks to widen its geographic reach, while maintaining its position at the cutting edge of digital product development.
Duncan McIntyre, Chair of BGF-backed Helecloud, has been appointed non-executive Chair following an introduction from BGF’s Talent Network, the UK’s largest pool of non-executive directors.
Chris Martin, CEO of Waracle, said: “We’ve built a fantastic business over the last 12 years, investing in great talent and building long-term partnerships with some of the UK’s most recognisable brands. We’ve now identified the right partner in BGF, with a great team that understands and supports our growth strategy. BGF’s expertise, coupled with Duncan’s knowledge and experience, will be invaluable as we enter this next stage of our growth.”
Richard Pugh, an investor at BGF, said: “We’re delighted to welcome Waracle to the BGF portfolio, a business which has cultivated a fantastic reputation with a rapidly-growing blue-chip client base and is supported by a great team that we’re looking forward to working with.
“We’re also proud to make our first investment here in Dundee, an important part of the country for BGF and a hub of innovation and talent across a number of sectors that we’re keen to work with in the future.”
The investment was led for BGF by Richard Pugh and David Fraser.
The advisors to the transaction were:
BGF: CMS, Henderson Loggie
Waracle: DC Consulting, Addleshaw Goddard and RSM