CBGF, BGF team up in $15 mln investment in Appnovation
Vancouver-based digital consultancy Appnovation has secured a $15 million minority investment from Canadian Business Growth Fund (CBGF) and U.K.-based BGF. Founded in 2007 by CEO Arnold Leung, Appnovation provides a range of digital solutions and support services to businesses, government agencies, higher education institutions and non-profit organizations worldwide. The company plans to use the financing's proceeds to strengthen its balance sheet and scale internationally. The Appnovation deal marks the first partnership of CBGF and BGF. CBGF, which launched in 2018 with a $545 million evergreen fund backed by 13 financial institutions, was patterned after the British investor.
13 August 2019•4 mins read
