Halifax firm's growth aim after £600,000 seedcorn funding

A software provider that digitally transforms the workplace experience is set for growth following a £600,000 seedcorn investment from Finance Yorkshire.

By Ian Hirst
Friday, 11th March 2022, 10:45 am
Updated Friday, 11th March 2022, 10:46 am

Halifax-based UMA provides software that manages meeting rooms, hot desking and climate control in an office environment.

The business was created in response to the need for workplaces to innovate, simplify user experiences, improve collaboration, reduce real estate costs and drive operational efficiency.

The investment is one of the first from Finance Yorkshire’s newly-launched fund, which is expected to provide £50m to SMEs over the next five years.

deal: From left, Ian Brown, Finance Yorkshire head of investments; Alex McWhir-ter, Finance Yorkshire chief executive; Stephen Milner, UMA; Will Holmes, BHP.

The funding will be used to accelerate UMA’s growth plan both in the UK and overseas and is expected to create job opportunities in Yorkshire.

Stephen Milner, founder and chief executive of UMA, said: “We are thrilled to receive funding from Finance Yorkshire’s Seedcorn Fund.

“We will be expanding our core team and are very pleased that UMA’s growth will create jobs in the Yorkshire region.

“We are developing a technology hub in Halifax and surrounding parts of Yorkshire and we are proud to be a part of this.”

UMA’s customers include a diverse mix of businesses of all sizes from charities to large enterprises and public sector businesses including the NHS, Premier League football clubs and financial services and technology multi-nationals.

Alex McWhirter, chief executive of Finance Yorkshire, said: “Our new fund is designed to support innovative SMEs like UMA to expand and create jobs in Yorkshire and the Humber.

“The way we all work is undergoing seismic change and UMA’s software integrates the latest technology to ensure that workplaces are flexible, safe and efficient.

“We look forward to supporting the UMA team on the next stage of their growth journey.”

Finance Yorkshire’s new fund has been structured to provide SMEs with a range of support through seedcorn and growth fund, primarily equity, investments, along with large and small business loans.

Finance Yorkshire’s Seedcorn Fund is managed by Anticus Partners. Legal advice to Anticus was provided by 3Volution, led by Jonathan Priestley. Lead advisers to UMA were BHP Corporate Finance, led by Will Holmes and Hamish Morrison.

Mr Holmes said: “We are delighted to have supported UMA in the early stages of its growth phase.”

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