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.

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.”


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