Essensys, a proptech firm that makes software to help flexible office providers manage their properties, has raised almost £38m through a placing.
The company secured £31.3m through a primary placing and £6.3m through a secondary placing from chief executive Mark Furness.
Chairman Jon Lee – who along with non-executive Alexandra Notay bought shares in the primary placing – said: “We are excited by the long-term growth opportunities ahead for the company and look forward to updating the market on our progress as we deploy the proceeds of our significantly oversubscribed placing.”
Furness told EG earlier this year that US expansion is a priority for the company, with revenue from its North American business now close to matching that of its UK operations.
“The ambition for us is to make much more of that US opportunity and their appreciation of what we do,” Furness said at the time. “The UK has suffered from a number of challenges in the last couple of years. It’s a more mature market, and the adoption curve is slightly slower in terms of the wider flex model.”
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