The Canadian Business Growth Fund
The Canadian Business Growth Fund has provided growth capital to Appnovation Technologies Inc.
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The Canadian Business Growth Fund has provided growth capital to Appnovation Technologies Inc. MNP Corporate Finance Inc. provided financial and tax due diligence services to The Canadian Business Growth Fund.
Transaction Brief
Appnovation is a global full-service digital consultancy that seamlessly integrates strategy, user experience, development, deployment, training and support, allowing clients to continuously innovate their digital services and touch points. Headquartered in Vancouver, B.C., the company has 350 professionals working out of 14 offices across six countries including Canada, the U.S., the United Kingdom, Belgium, the Netherlands and Hong Kong.
The Canadian Business Growth Fund (CBGF), in partnership with U.K.-based BGF, invested $15 million in Appnovation. The deal is CBGF’s eighth investment as part of its mandate to provide long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses with investments between $3 and $20 million. An evergreen investment fund with capital commitments of $545 million, CBGF is committed to long-term partnerships with the companies it invests in.