Pictured (L-R): Ian Brown, Finance Yorkshire head of investments; Alex McWhirter, Finance Yorkshire chief executive; Stephen Milner, UMA; Will Holmes, BHP
A workplace software provider has become one of the first recipients of investment from Finance Yorkshire’s new fund.
UMA, based in Halifax, provides software that manages meeting rooms, hot-desking and climate control in an office environment.
Its customers range from charities to large enterprise and public sector businesses, including the NHS, Premier League football clubs and financial services and technology multinationals.
The £600,000 investment is one of the first from Finance Yorkshire’s newly launched fund, which is expected to provide £50m to SMEs over the next five years.
The funding will be used to accelerate UMA’s growth plan both in the UK and overseas and is expected to create job opportunities in Yorkshire.
Stephen Milner, founder and chief executive of UMA, said: “We are thrilled to receive funding from Finance Yorkshire’s Seedcorn Fund. We will be expanding our core team and are very pleased that UMA’s growth will create jobs in the Yorkshire region.
“We are developing a technology hub in Halifax and surrounding parts of Yorkshire and we are proud to be a part of this.”
Alex McWhirter, chief executive of Finance Yorkshire, added: “Our new fund is designed to support innovative SMEs like UMA to expand and create jobs in Yorkshire and the Humber. The way we all work is undergoing seismic change and UMA’s software integrates the latest technology to ensure that workplaces are flexible, safe and efficient. We look forward to supporting the UMA team on the next stage of their growth journey.”
Finance Yorkshire’s new fund has been structured to provide SMEs with a range of support through Seedcorn and Growth Fund (primarily equity) investments, along with large and small business loans.
Finance Yorkshire’s Seedcorn Fund is managed by Anticus Partners. Legal advice to Anticus was provided by 3Volution, led by Jonathan Priestley.
Lead advisers to UMA were BHP Corporate Finance, led by Will Holmes and Hamish Morrison.
Will Holmes said: “We are delighted to have supported UMA in the early stages of its growth phase. Sharing the management team’s enthusiasm for innovative workplace environments, we quickly bought into the commercial prospects of the UMA solution and the impact it will have on the rapidly changing workplace model. We look forward to continuing to support UMA and its management team on its next exciting phase of development.”
Legal advice to UMA was provided by Clarion Solicitors, led by Sarah Harrison and Hannah Nelson.