A software company which uses the power of video games to help businesses manage and motivate their sales teams has received a £600,000 cash boost.
Tamworth-based Stormburst Studios will use the funding to kickstart its expansion plans which will see it almost double its workforce with the creation of six new jobs.
The company, which was founded in 2016 by two former games developers Derry Holt and James Heath, also wants to double its revenue in the run-up to a planned Series A investment round in 2022, and develop its OneUp Sales platform.
OneUp is a sales management system which engages staff in different locations, allowing teams to compete against each other online and providing detailed performance insights for managers.
CEO Derry Holt said: “When everyone is working from different locations, it can be hard to manage and motivate sales teams.
“OneUp harnesses the power of data and brings greater visibility on performance, which in turn helps engage and motivate staff. It also injects an element of fun. This investment will enable us to further develop the system and reach a wider audience.”
Stormburst Studios secured the funding from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund (MEIF), and Mercia’s EIS funds.
The latest investment follows an earlier funding round of £150,000 in 2017 from Mercia’s EIS funds.
David Baker of Mercia said: “Remote working is here to stay, which will make platforms like OneUp all the more important to companies in the future.
“Stormburst Studios has made great progress and is now ready to scale up. This latest investment will allow it to achieve rapid growth in its market with the aim of becoming a market leader.”
Grant Peggie, director at the British Business Bank, said: “The MEIF is committed to supporting Midlands’ businesses to create and develop technology and to innovate.
“This latest investment will help another business in Staffordshire to build its team and reach new audiences. We are determined to support more businesses to innovate and grow and support the Midlands’ strength in software development.”
Tim Pile, chair at Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) added: “Here is another example of how valuable this initiative is in helping our SMEs to grow and expand. It’ll allow Stormburst Studios to create jobs in a sector that is thriving in our region. “