Foresight Group has announced the investment of £500,000 into tech firm AppInstitute.
Dubbed the ‘Wordpress’ for mobile apps, AppInstitute is aiming to be at the forefront of the mobile app platform industry.
The cloud-based service offered by the company looks to revolutionise the app market by providing a SaaS (Software as a Service) platform that allows SMEs and individuals with little to no prior technical knowledge to create their own app.
With its central operations based in Nottingham, AppInstitute was founded in 2011 and has partners and end-client businesses in more than ten countries over four continents, with an initial focus on the UK market.
The company currently has 16 staff in Nottingham with expectations to reach 50 over the next few years.
Foresight has invested £500,000 to support CEO Ian Naylor and CTO/COO Justin Ashurst as well as a new chairman Paul Brennan, who has extensive software and cloud experience.
The investment provides the company with development capital to drive further growth and job creation in the years ahead.
The business claims to have grown steadily in recent years and with new investment from the Fund to unlock additional capacity the company’s growth trajectory is forecast to accelerate.
Tom Thorp, director of Foresight commented: ‘We are delighted to be supporting this ambitious management team through the investment in AppInstitute, which is a great example of the creative and dynamic technology businesses based in the City.’
Ian Naylor of AppInstitute added: ‘We believe every SME should be able to harness the benefits a mobile app will bring to their business in order to compete against their larger counterparts. This investment from Foresight is a testament to the vision and commitment they share with us in helping us achieve our ambitions.’