A Newcastle-based business which has created a sales coaching operating system, fusing expert sales coaches and AI, has secured £1.5m in funding to help drive international growth.
MySalesCoach, co-founded by serial entrepreneur Kevin Beales, has secured the boost from NPIF II – Maven Equity Finance, managed by Maven as part of the Northern Powerhouse Investment Fund II.
The £1m is alongside an additional £500,000 from existing investors Northstar Ventures and Creative UK’s North East Fund.
It will use the finance to develop its technology platform, expanding its sales and marketing activity with the aim of growing globally.
Co-founder and chief executive Beales said: “The opportunity to combine AI and human expertise in sales coaching is creating a unique moment in time. Our platform is re-engineering how sales teams can be coached with the daily frequency of AI, and the impact of human expertise to impact growth and performance in a way previously unachievable.
“Securing investment from NPIF II and Maven, alongside the support of our existing investors, comes at a pivotal time. With this backing we’re ready to scale and support more organisations and individuals who want to improve sales outcomes in a rapidly evolving market.”
David Nixon, senior investment manager at Maven Equity Finance, added: “The rise in hybrid working has accelerated the adoption of online training and coaching and recent studies show clients now prefer remote coaching due to the flexible model it provides. Kevin and the senior team are highly experienced and have built a strong business operating in a high growth market. We’re delighted to support the platform at this point in the company’s development to invest in its innovative technology solution and fuel international expansion plans.”
The news comes as the British Business Bank plans to invest additional capital through the existing Northern Powerhouse Investment Fund II into innovative, high-growth businesses, to supercharge clusters in the Northern Growth Corridor, bringing the total investment to more than £150m.
Sarah Newbould, senior investment manager at the British Business Bank, said: “Through NPIF II we’re committed to supporting innovative, tech-enabled businesses across the North of England to scale and grow at pace. These businesses provide vital services, helping to drive efficiency across key sectors, while also advancing the government’s industrial strategy by strengthening the UK’s digital economy. MySalesCoach is doing exactly that straight out of Newcastle, and we’re proud to be part of their journey and unlocking opportunities across the North East’s vibrant technology sector.”
Tom O’Neill, investment manager at Northstar Ventures, hailed MySalesCoach’s “strong growth” since the firm’s initial investment in 2022, adding: “We have backed the business consistently since then and the business is well placed to take advantage of significant opportunities in the rapidly evolving wider sales coaching market. Congratulations to Kevin and the team.”
