The investment will allow Forrit to grow the Scottish innovation ecosystem, supporting Scotland’s ambition to match the best performing OECD countries by 2040.
It will also provide capital for the scaling of disruptive and transformational technologies and discoveries to meet changing demographic needs.
Forrit is a developer of a cloud-based Content Management System software and associated services that allows enterprises to manage and develop web estates.
The Bank is investing £5m of equity to broaden its product team, growing their ability to work with more clients and meet their long term growth plans.
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.”
Jimmy Williamson, executive director of innovation at the Scottish National Investment Bank said:
“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.”