Stormburst Studios set to expand after securing funding boost
Tamworth software company Stormburst Studios uses video games to help businesses manage and motivate their sales teams and is eyeing expansion after securing new funding.
Stormburst Studios has raised £600,000 from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund (MEIF), and Mercia’s EIS funds. The latest investment follows an earlier funding round of £150,000 in 2017 from Mercia’s EIS funds.
The company was founded in 2016 by two former game developers Derry Holt and James Heath, and currently employs seven staff members.
The funding will allow it to create six jobs, with the aim of doubling its revenue in the run-up to a planned series A investment round in 2022.
Stormburst’s platform OneUp Sales engages staff in different locations, allowing teams to compete against each other online and providing performance insights for managers.
Holt said: “When everyone is working from different locations, it can be hard to manage and motivate sales teams.
“OneUp harnesses the power of data and brings greater visibility on performance, which in turn helps engage and motivate staff. It also injects an element of fun.
“This investment will enable us to further develop the system and reach a wider audience.”
David Baker of Mercia added: “Remote working is here to stay, which will make platforms like OneUp all the more important to companies in the future.
“Stormburst Studios has made great progress and is now ready to scale up. This latest investment will allow it to achieve rapid growth in its market with the aim of becoming a market leader.”
Jamie Partington of Higgs & Sons provided legal advice to Mercia on the deal.