Gateshead procurement marketplace secures £14m investment to unlock "significant" growth

A Gateshead procurement marketplace has announced that it has received a £14m investment as it prepares for its “exciting future”.

Bloom Procurement Services, which is a public sector procurement marketplace, has secured the £14m investment from growth capital investor BGF.

This deal will enable Bloom to invest in development of the next generation of its Pro-vide technology, enhancing the proposition for existing customers and unlocking “significant” growth potential.

Adam Jacobs, Bloom founder and entrepreneur, commented: “BGF stood out as the investment partner for us at this stage in our development.

“The team demonstrated a good understanding of our business and market and have a clear track record of successful investments in a similar space.

“They are backing a business with enormous growth potential and the BGF partnership emboldens our ambition to rapidly scale the business and create a great case study for entrepreneurship and growth in North East England.”

Amabel Grant, CEO, added: “Our technology means we’re uniquely placed to offer the whole public sector an end-to-end managed service procurement solution for professional services.

“In addition, we help buyers evaluate social value when awarding contracts, which became a mandatory requirement for central government contracts this year.

“We’re also able to support the drive to open up public procurement to more SMEs because of our ability to onboard and work with any suppliers at any time.

“The Bloom team and I are incredibly excited to be working alongside BGF who bring invaluable experience of supporting scale-up businesses in developing and delivering a customer led tech road map.”