Foresight Group has announced a £4m investment into Firefish Software.
Founded in 2010 by Wendy McDougall and Andrew Mackay, the customer relationship management and marketing software platform is focused in the recruitment sector.
The Glasgow-based company’s software helps to improve volumes of active data for customers, delivering improved candidate conversion, engagement and placement.
Firefish has experienced strong growth in recent years, expanding its customer base and launching new products for the enterprise market.
Foresight’s investment should support the management team with its growth ambitions, providing the capital to invest in product development, create more jobs and to expand its commercial capabilities.
Co-founder and chief executive Wendy McDougall said: “Firefish has seen significant growth since Andrew and I founded the business and we are proud to support a growing number of recruitment firms.
“We are excited to partner with an experienced growth investor in Foresight to help us realise our full ambitions for business.”
Graeme Mckinstry, investment director at Foresight, added: “Wendy and Andrew have built an impressive product and customer base, so we are delighted to be partnering with a growing software business which we expect will deliver significant job creation in Scotland.”
Foresight continues to be one of the most active UK investors in smaller companies, having completed more than 90 investments into SMEs in 2022, alongside a number of exits.
In the same year, Foresight’s private equity team announced three new funds, a ventures fund acquisition and an expanded regional office network.
So far in 2023, the firm has invested into nearly 40 SMEs and announced four successful exits, including Datapath (11.7x money), Mowgli (3.5x) and GovGrant (4.5x).
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