On Sept. 28, Appnovation announced the closing of a Series B financing, raising $10.55 million from its previous investors, the Canadian Business Growth Fund (“CBGF”) and UK-based Business Growth Fund (“BGF”), as well as new investor crown corporation Export Development Canada (“EDC”) through its investment program. This follows the $15 million CAD Series A financing, raised by CBGF and BGF in July 2019.
Appnovation is a full-service digital consultancy with Canadian offices in Vancouver, Quebec and New Brunswick, as well as a total of 15 offices across the Americas, Europe and Asia-Pacific.
Appnovation will use the proceeds from this investment to continue its global expansion and growth strategy, which includes scaling teams in strategic global markets as well as potential acquisitions.
Miller Thomson LLP advised Appnovation in the transaction with a team led by
Philipp Park (corporate/M&A),
Aimee Halfyard,
and Carol Bai (corporate/M&A).
Bennett Jones LLP acted for CBGF with a team led by
Jonathan McCullough,
Lisa Stewart,
Laura James,
and Anu Nijhawan (tax).
Stikeman Elliott LLP acted for EDC with a team that included
Samantha Horn,
and Precia Darshan.