Edinburgh’s Forrit has received £5m in investment from the Scottish National Investment Bank for its cloud-based content management system (CMS).
Forrit’s CMS runs on Microsoft’s cloud computing platform Azure. Businesses use the CMS to manage their website’s content, security and billing, whilst remaining compliant with regulations.
“This investment from the Scottish National Investment Bank will help us to expand our presence not only in Scotland but also to expand into new markets across the UK and beyond,” said Forrit’s CEO Peter Proud.
“We are incredibly proud of our Scottish roots, so working with another Scottish organisation was extremely important as both parties are focused on benefitting Scotland.”
Founded in 2014, Forrit will put the new funds towards growing the team with 15 new employees. It will also look to enter new markets and grow its relationship with Microsoft.
The funding from the Scottish National Investment Bank marks the first external investment into the SaaS company.
Jimmy Williamson, executive director of innovation, Scottish National Investment Bank said: “Our investment will enable Forrit to create new, high value technology development jobs, futureproofing skills in Scotland’s tech ecosystem and supporting plans to export their differentiated proposition to enterprise clients globally.”
To date, the Scottish National Investment Bank has invested £97.9m in patient capital.