Tech developer Forrit has announced it is expanding its operations following a £5 million investment from the Scottish National Investment Bank.
Forrit, which develops cloud-based Content Management System (CMS) software, has said that the funding will allow it to expand its workforce and target new markets.
Established in 2014, the Edinburgh-based company will use the funding to create 15 new skilled job opportunities and strengthen its relationship with Microsoft as a Preferred Solution and trusted Microsoft Partner.
Forrit CEO Peter Proud said, “We’ve experienced enormous growth as a company since we launched almost a decade ago – building a brilliant team who have in turn created an extremely strong product. While to date we have self-funded our growth through client engagements, as we take Forrit to the next level, now felt like the right time for us to seek external institutional funding. 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.
“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. We have ambitious plans and only want to add to the success of the Scottish tech ecosystem. We hope to continue to add to this both as a provider of an exemplary content management system, but also as an employer. Thanks to the bank’s investment, we look forward to growing that even further as we scale up both the company and our product.”
The Scottish National Investment Bank was founded to provide investment for business, projects and communities that align with its missions. It has so far provided £97.9 million of funding to support future industries.
Jimmy Williamson, Executive Director of Innovation at the Scottish National Investment Bank added, “The Bank’s investment will support Forrit as they look to reach the next stage of their development.
“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.
“Forrit’s CMS system technology has a strong alignment with our Innovation mission and we look forward to working with them to deliver their ambitious growth plans.”