BGF Invests £ 14m in Technology-Driven Procurement Business Bloom
April 1, 2021: Growth Capital Investor BGF Invested £ 14m bloom (Bloom Procurement Services), headquartered in the northeast and headquartered in Gateshead.
Bloom is the UK’s only public sector sourcing market offering end-to-end managed service sourcing solutions.
Founded in 2011 by Executive Chairman Adam Jacobs, Bloom offers a dynamic and open access market for providing professional services to the UK public sector.
Bloom’s managed services allow public sector buyers to transparently award in compliance with public sector contracts, resulting in significant savings. Buyers have access to a dynamic supplier base across a wide range of professional service categories. Bloom provides professional service suppliers with an efficient and effective route to the market.
Bloom Marketplace is open access and all suppliers can register for the platform for free. This will give SME access to the market in an “equal competition” with more established organizations.
To date, Bloom has traded over £ 800 million worth of more than 7,500 projects in all parts of the public sector.
Bloom founder and entrepreneur Adam Jacobs said:
“”BGF stood out as our investment partner at this stage of development. The team has a good understanding of our business and markets and has a clear track record of successful investments in similar areas. They support businesses with huge growth potential, and the BGF partnership says they can grow their businesses quickly and create excellent case studies for entrepreneurship and growth in the northeastern United Kingdom. Emphasizes our ambitions. ”
Amabel Grant has been appointed CEO and joined the business in 2018 as a CTO with extensive public sector and technical experience, including the Crown Marketplace Program Director of the Cabinet Office. The deal will allow Bloom to invest in the development of next-generation Pro-vide technology, strengthening proposals to existing customers and unleashing significant growth potential.
Diane Cheesebrow, the key to Bloom’s success to date, is a non-executive director and will be transferred to non-executive chairman as part of the transaction. BGF’s Barry Jackson and Rob Johnson led the investment.
Barry Jackson, a BGF investor, said:
“Adam and Amabel are a powerful combination, and Bloom is a unique asset with great market access and rapid expansion potential. It provides best-in-class solutions and results for users. , A business that drives social value throughout the supply chain. We look forward to working with our team to achieve a common ambition for Bloom. ”
Bloom’s Marketplace allows central government, local government, housing unions, bluelight, NHS, universities, schools and non-departmental public sector public sector buyers to reach their social value goals. Professional service suppliers can then show you how to add social value and support their delivery.
CEO Amabel Grant added:
“Our technology means we are in a unique position to provide end-to-end managed service procurement solutions for professional services across the public sector. In addition, we have a contract mandated by a central government contract this year. Helping buyers assess their social value when signing, and supporting their willingness to open up public sourcing to more small and medium-sized businesses, as they can join and collaborate with any supplier at any time. The Bloom team and I are very excited to work with BGF, which provides valuable experience in supporting scale-up businesses in the development and delivery of customer-driven technology roadmaps. ”
BGF’s advisors were Cavu Corporate Finance (Shawn Bone, Thomas Brunsnes) and Squire Patton Boggs (Paul Mann, Craig Pettit).
Bloom’s advisors were KPMG (Christian Mayo, Michael Downes) and Cooley (Stephen Rosen, Charlotte Lennon).
Michael Downs, director of KPMG’s corporate finance team in Newcastle, said: This deal is another example of an investor’s desire to help a company leveraging entrepreneurial technology in the region. Bloom has an exciting future, and investments from the BGF will help the team realize significant growth potential over the next few years. ”
BGF Founded in 2011, it has invested £ 2.5 billion in about 400 companies, making it one of the UK’s most active investors. BGF is a minority non-dominant equity partner and has a patient outlook for investment based on shared long-term goals with supporting management. BGF is investing in growing businesses in the UK and Ireland through a network of 16 offices. In 2018, Canada launched an equivalent Canadian Business Growth Fund. In 2019, both Australia did the same based on BGF’s funding model.
Bloom Procurement Services Secures £ 14m Series A Investment from BGF – UK Tech Investment News
Source link Bloom Procurement Services Secures £ 14m Series A Investment from BGF – UK Tech Investment News