20th December 2021
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Manchester-based Summize has seen its team size increase by over 80% in 2021, following investment from the Northern Powerhouse Investment Fund. The business has created new roles in its sales, marketing and customer success teams, as it continues to develop its suite of products and expand its client base. This includes a mix of both junior and senior positions, including a new Chief Revenue Officer and Head of Customer Success.
In December 2020, the developer and software provider for the legal sector received £1m of investment in a funding round led by NPIF – Maven Equity Finance which is part of NPIF and managed by Maven Capital Partners. Summize also received £500,000 in investment from NPIF – Maven Equity Finance in March 2019.
On the back of this funding, Summize has continued to invest in its talent and SaaS product offering. As a result, the business has seen record annual recurring revenue (ARR) over the last two years, with an average increase of over 900% between 2019 and 2021.
With over 70 global clients including Vodafone, Fujifilm and Everton FC, the business is set to expand its team even further in 2022 and will continue to enhance the capabilities of the software. The product roadmap includes several new integrations with commonly used tools and additional functionality, and the organisation will also look to create a US office towards the end of 2022.
Tom Dunlop, CEO and Founder of Summize, said: “Our team is at the heart of the successes we’ve had over the last few years. The funding that we’ve received has helped us make sure we have the right people and conditions for growth in place, with fantastic results. With this talented team in place, we’ve been to grow our global client base and provide truly innovative services to customers – and we are looking forward to more of the same in 2022.”
Jeremy Thompson, Investment Director at Maven, said: “The team at Summize are making excellent progress. They have created a fantastic product which solves a genuine problem within the legal industry, making contracts easier to use and manage through its software which is easy to use and enhances the users existing tools. They are building genuine sales momentum and 2022 is set to be another exciting year for this business. It is fantastic to be involved in their journey and provide continues support through NPIF.”
Sue Barnard at British Business Bank, said: “It is fantastic to see the growth that Summize has experienced over the last few years, with the organisation’s people-first approach setting it in a good position for continued success in the years to come. Summize’s rapid growth journey truly demonstrates the impact that funding can have on business growth, and we look forward to seeing what the team achieve in the future.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Maven Capital Partners UK LLP is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 495929.
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