Funds will enable low-code platform to expand its operations and reach into new territories
Blackfinch Ventures has bolstered its portfolio with a £625k investment in Tangle, a flexible, scalable, enterprise-grade platform that delivers best in class apps 10-20 times faster than with traditional development methods.
The announcement follows a period of rapid growth for the business which has tripled its client base in the last 12 months and signed its first key strategic partnership with the global data network Macrometa.
Established in 2021 by experienced tech entrepreneur and CEO Wayne Bryne, and with offices already located in the UK and the US, the funds will enable Tangle to expand its operations and grow its sales function.
Working with the team at Blackfinch Ventures - a responsible investor committed to helping individuals, businesses and communities to thrive - the business will also use the investment to add new and improved features to the platform through its comprehensive product roadmap, and to reach into new geographies.
Commenting on the deal, Head of Blackfinch Ventures, Dr Reuben Wilcock, said that the experience of Tangle’s executive team in leading successful tech organisations and in pioneering best in class low-code platforms meant the company was ‘well placed’ to capture a significant portion of a market expected to be worth billions.
Commenting on the investment and Tangle’s growth plans, CEO Wayne Bryne, said: “Low-code platforms provide enterprises with the necessary tools needed to develop applications at speed, on spec and within budget.
“Our data shows that Tangle projects can be completed considerably faster than is possible with traditional development tools, and we believe that in this new hybrid working world Tangle has the capacity to make a real difference in how businesses bring products and services to market.
“This investment will allow us to work with a growing number of clients in a range of sectors, and we’re delighted to have the opportunity to work with the Blackfinch Ventures team. Their technical expertise has been so fundamental in understanding our vision, and they share our ambitions for growth.”
Dr Reuben Wilcock added: “Despite being a relatively young business Tangle has already positioned itself as a key player in the low-code arena. The leadership team’s experience is impressive and in the past 12 months their growth has multiplied nine times over.
“With this investment they will have the capacity to further scale up their operations – both in their existing geographies, and further afield. They will also make improvements to the platform that will attract new clients who want to benefit from a technology that cuts the financial costs and time associated with delivering new applications.
“We are looking forward to working with Wayne and the wider executive team as they deliver on their growth ambitions in the months and years to come.”