Force24, a Leeds-based marketing automation platform backed by YFM Equity Partners, recorded strong financial performance.
Financial statements recently filed with Companies House show turnover up to almost £ 3.5million for the year ending December 31, 2020.
Force24, led by founders Adam Oldfield (Managing Director and Nick Washbourne (Commercial Director), is a SaaS-based marketing automation platform that enables marketers to undertake personalized marketing campaigns by leveraging native integrations customer relationship management (CRM).
The company’s latest financial results are in line with its ambitious plans for rapid growth following the £ 4.8million investment backed by YFM in November 2020.
Since YFM’s investment, Force24 has grown its workforce by 120% to a team of 93 and has hired several senior executives, including a new CFO, Director of Customer Success and a President.
Its customer base also grew by 33% with the addition of over 100 new customers, including Checkatrade, Welcome to Yorkshire and Pentagon Motor Group.
Matt Cox, Chief Financial Officer, said: “Financial results for 2020 were in line with our expectations, posting good revenue growth of 17% year over year. This was driven by a strong acquisition of new customers, up 40% from 2019, which was particularly encouraging given the significant impact of the pandemic and the fact that we are continuously focused on improving customer satisfaction and loyalty.
“Since obtaining YFM’s support, significant investments have been made in key areas of the business, which has helped strengthen our teams, particularly in our customer success, sales and engineering functions,” as well as the appointment of key management positions. This has allowed us to focus even more on improving products and keeping customers happy with benefits such as free training and lifelong support that we are now able to deliver on a more consistent basis, offering a even more responsive and consistent customer experience.
“We are convinced that this gives us a really solid foundation on which to build to achieve our ambitious growth plans. “