Thomson Snell & Passmore has advised SMP Group on its investment in software company, Swoop Applications Limited.
The SMP Group, founded in 1928 and based in London, specialises in a range of creative services for the retail sector including brand innovation, point of sale and out of home solutions, marketing campaigns, hoarding graphics, marketing suites as well as exhibition stands.
The investment in Swoop Applications, a Redruth based software company, raised a total of £1.45 million Series A round of investment which included funding from SMP as an existing investor, £600,000 equity investment from the Cornwall and Isles of Scilly Investment Fund (CIOSIF) and £250,000 via The FSE Group Investor Network. The FSE Group is the appointed CIOSIF fund manager.
CIOSIF which is aimed at boosting the local economy by providing debt and equity finance to help growing small businesses across the region in which Swoop operates. The deal will create 34 jobs over the next three years.
Throughout the corporate transactional team helped SMP to assert and protect its position as a non-institutional investor, as well as crystallise previous investments and protect and provide security for the current investment and any investments in the future.
Partner and Head of Corporate Joanne Gallagher led on the transaction, assisted by Faye Cook.