Mobile app business Waracle has appointed serial tech investor Duncan McIntyre as its executive chairman after received a £4.8 million investment from BGF.
The private equity injection will help expansion of the Dundee-based business as it seeks to widen its geographic reach.
Founded in Dundee in 2007, Waracle now employs 140 people in offices in Dundee, Edinburgh and Glasgow and has recently strengthened its London office with several key hires.
It designs, develops and manages mobile apps and other digital products, working with some of the UK’s largest businesses across sectors including fintech, digital health and energy.These have involved the Internet of Things, Virtual Reality and Augmented Reality.
McIntyre, chair of BGF-backed Helecloud, has been appointed non-executive chair following an introduction from BGF’s Talent Network, its pool of non-executive directors.
Waracle CEO Chris Martin said: “We’ve built a fantastic business over the last 12 years, investing in great talent and building long-term partnerships with some of the UK’s most recognisable brands.
“We’ve now identified the right partner in BGF, with a great team that understands and supports our growth strategy. BGF’s expertise, coupled with Duncan’s knowledge and experience, will be invaluable as we enter this next stage of our growth.”
BGF investor Richard Pugh said “We’re delighted to welcome Waracle to the BGF portfolio, a business which has cultivated a fantastic reputation with a rapidly-growing blue-chip client base and is supported by a great team that we’re looking forward to working with.
“We’re also proud to make our first investment here in Dundee, an important part of the country for BGF and a hub of innovation and talent across a number of sectors that we’re keen to work with in the future.”
Pugh and David Fraser led the investment for BGF with CMS and Henderson Loggie advising BGF and DC Consulting, Addleshaw Goddard and RSM advising Waracle.
