Appnovation secures $11.6M new funding led by CBGF and EDC

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By CPE News

CPE News (9/28/2020) – Vancouver, BC – Appnovation has raised $11.6 million in follow-on equity funding from a partnership between the Canadian Business Growth Fund (CBGF), Export Development Canada (EDC) and UK based Business Growth Fund (BGF).

In June 2019, CBGF led a $15 million financing in Appnovation with particiation of BGF.

With 15 offices across North America, Europe and Asia-Pacific, Appnovation will use new funding to continue its global expansion and growth strategy. This includes scaling teams in strategic global markets as well as potential acquisitions.

Founded by Arnold Leung, Appnovation is a global, full-service digital consultancy.

photo credit: Appnovation

News Release

Appnovation Receives $11.6M in Follow-On Equity Funding

The infusion of equity investment will help Appnovation continue to execute on its international growth strategy

VANCOUVER, BC, Sept. 28, 2020 (GLOBE NEWSWIRE) — Appnovation has received C$11.6M in follow-on equity financing from a partnership between the Canadian Business Growth Fund (CBGF), Export Development Canada (EDC) and UK-based BGF. With 15 offices across North America, Europe and Asia-Pacific, Appnovation will use the proceeds from this investment to continue its global expansion and growth strategy. This includes scaling teams in strategic global markets as well as potential acquisitions.

Both CBGF and BGF made initial investments in Appnovation in July 2019. Since then, Appnovation has scaled up its team by 30% and achieved revenue growth despite the global pandemic. This strong growth trajectory has attracted a second round of investment.

“Over the past year, we’ve made strategic hires, deepened capabilities and accelerated international growth with the help of an initial round of investment funding. We will continue that global growth trajectory and look at expanding our footprint in strategic markets, like Asia Pacific, with this new injection of funding” said Arnold Leung, Founder and CEO of Appnovation. “CBGF, EDC and BGF are the ideal partners because they’re invested in our long-term success and share our vision for ambitious growth.”

“CBGF is proud to have backed Arnold and the Appnovation team who have made tremendous progress since our initial investment,” explains George Rossolatos, CEO of CBGF. “We believe there are excellent opportunities in front of the company to continue to grow into a leading international company. Our vision is to help companies scale and reach their full potential and Appnovation, with this follow-on, will have the opportunity to further accelerate their growth.”

“We’re delighted to be providing further investment and strengthening our relationship with Appnovation. This follow-on funding will help to bolster its international expansion plans which, despite the global set back of COVID-19, have been progressing at pace,” said Greg Norman, investor at BGF. “Appnovation is going from strength to strength and it is exactly the type of growth economy business that BGF seeks to support through our long-term investment and partnership.”

While CBGF and BGF invested in Appnovation previously, EDC is a new investor in Appnovation. EDC’s attraction to Appnovation comes from its compelling business proposition, growth strategy and strong management team as well as attractive market dynamics.

“EDC is pleased to support Appnovation’s international expansion,” said Carl Burlock, EDC’s Executive Vice President and Chief Business Officer “More than ever, digital sales strategies are key to succeeding in global business. Appnovation’s digital IT services will help companies enhance their online presence and remain competitive amid these challenging economic times. Appnovation is an example of the innovative Canadian companies that EDC is supporting through our investment Matching Program, whereby we work with both Canadian and international partners to provide capital investment and expertise on international markets.”

About Appnovation

Appnovation is a global, full-service digital consultancy. We deliver people-inspired business solutions to our clients. How? By embracing the powerful combination of technology and agility, we seamlessly integrate strategy, experience, design, development and analytics.

We create standout digital experiences by collaborating with brands to understand the individual challenges and goals for every initiative. Focusing on our clients’ customers, we effectively combine empathy, evidence and real-world insight so that solutions are derived from truth and meaning. Appnovation is an award-winning team dedicated to inspiring possibility.

About Canadian Business Growth Fund

The Canadian Business Growth Fund (CBGF) provides long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses with investments between $3 to $20 million. An evergreen investment fund with capital commitments of $545 million, CBGF is committed to long-term partnerships with the companies it invests in. As part of its mission to drive growth, CBGF connects business leaders and sector experts to help its partner business achieve their full potential. For companies seeking investment opportunities, please email us at To learn more, please visit us at

About BGF

BGF was set up in 2011 and has invested more than £2.2bn in over 330 companies, making it the most active investor in the UK. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 14 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2019, Australia did the same, both based on BGF’s funding model.

About Export Development Canada

Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.

For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit