Truly SMB bags six-figure funding
The investment will aim to support the business’ M&A strategy
Truly SMB has secured a six-figure debt funding package from the Maven-managed Midlands Engine Investment Fund II (MEIF II).
The investment will reportedly provide additional working capital following the recruitment of a senior management team drawn from across the Microsoft ecosystem.
The company also plans to explore strategic acquisitions to enhance its service offering and expand its client base.
“This funding is a huge vote of confidence in what we’re building,” said Vicky Critchley, executive chair of Truly SMB.
“Too many SMBs know AI and digital tools could transform their business but feel locked out by cost or complexity.
“We’ve built Truly SMB to smash that barrier - to make world-class Microsoft and AI capability practical, secure and genuinely affordable.
“This investment lets us scale faster, back even more customers, and push the boundaries of what smaller businesses can achieve.”
Richard Brighty, investment manager at Maven, added: “Brett and Vicky Critchley and the team have an exceptional track record and a clear vision for how AI can transform the way SMBs operate.
“We’re really pleased to be supporting them through MEIF II as they continue to grow.”
The deal was introduced to Maven by Dan Bowtell of Tenet Advisory.
Maven is a UK-based private equity firm which, through MEIF II, provides business loans from £100k to £2m to support early- and later-stage organisations.
To date, the fund has backed companies across various industries, including Acres Insurance Brokers, Lemon and Lime, TextureJet, Sunset Commercial, Panoramix, Advance Tapes, DUKE Distribution and Vision4Sport.
The announcement follows the appointment of Tim Rookes as CEO of Truly SMB in November to lead the firm’s expansion across the UK, US and Canada.
The organisation aims to leverage AI for SMBs that still do not see its relevance to their business, partly due to a lack of education and tangible use cases, Vicky Critchley previously told CRN.