Chester software firm gains second investment
Further funding through Maven and NPIF
Chester-based iAM Compliant has secured a further £1.42m investment.
Maven has led a £1.42 million investment in Chester-based iAM Compliant Limited, which specialises in offering eLearning courses to enterprise customers as well as a cloud-based estates and compliance platform tailored for the education market. This latest funding round builds upon Maven’s previous £1 million investment in iAM in 2021 completed through NPIF Maven Equity Finance.
The newly secured funding, which includes a £1.1 million investment from the Maven VCTs and a £320,000 investment from NPIF Maven Equity Finance, will be utilised to support iAM's ongoing growth initiatives. This includes further enhancing its compliance software and its eLearning library through product development, as well as strengthening its sales and marketing operations.
The iAM business consists of two distinct divisions: iAM Compliant and iAM Learning. iAM Learning offers an acclaimed eLearning library that continues to expand, covering a wide range of subjects such as health and safety, compliance, mental health, and safeguarding.
iAM Compliant provides a cloud-based software platform for estates and compliance management. Its primary focus is on the education sector, encompassing areas such as estates management, health and safety, statutory reporting, incident reporting, and premises checks. Additionally, schools gain access to iAM Learning's exclusive learning library, which supports employee training requirements.
Since Maven's initial investment in iAM over two years ago, the company has achieved significant growth, with annual recurring revenues quadrupling.
“Maven is delighted to maintain its support for iAM following the company's consistent commercial growth in recent years. We’ve been impressed by the ambition and drive demonstrated by the management team, as well as the strong performance of both business units in developing compelling propositions and ensuring customer retention. Furthermore, we acknowledge the immense value within the sectors iAM's divisions operate, which are currently undergoing substantial growth and witnessing robust merger and acquisition activity. This additional investment will enable iAM to further expand its client offering and achieve significant revenue scaling.”
James Rosthorn, Investment Director at Maven
“We are absolutely delighted with this follow-on investment round, supported by Maven and NPIF. Since the initial investment round, we’ve seen strong growth coupled with further development of our product offerings. This investment allows us to build on our increasing market position and accelerate our learning library and compliance product plans as well as our head office capabilities (in sales, marketing and customer delight). The really exciting part is that we’ve already been challenging the competition, but now we can really start to shake things up.”
Tom Moore, COO at iAM Compliant
“Our ambition is to provide businesses in the North with the access to finance they need to achieve their goals, so it is markedly special when a company thrives and returns to secure even more investment for future growth. iAM Compliant has social impact at its heart by helping schools become more compliant in a world that is rapidly becoming more digital every day. We are seeing even more companies in the digital transformation sector emerge, which is turning the North into a digital powerhouse.”
Keira Shepperson, Director, Regional Funding at British Business Bank