Recite Me Secures £4.6m from BGF for Global Expansion
Deal News | Nov 27, 2024 | Business Cloud
Recite Me, a Gateshead-based accessibility tech firm, has secured an additional £4.6 million in investment from the Business Growth Fund (BGF), totaling BGF's investment to £8.8 million. The company was founded in 2010 by Ross Linnett after he became inspired by the potential of assistive technology to make websites more accessible. Recite Me has developed a toolbar plugin that improves website accessibility for users with disabilities, visual impairments, older adults, and non-native English speakers. This fresh capital infusion aims to support the company’s international expansion and further enhance its product offerings. In just the past year, Recite Me's technology has benefited over 7 million users across various regions, including Europe, the United States, and Australia. According to BGF investor John Healey, the new funding will fortify Recite Me's market position, allowing them to develop their groundbreaking technology and address the accessibility issues faced by 98% of global websites.
Sectors
- Assistive Technology
- Software Development
- Investment and Finance
Geography
- United Kingdom – Recite Me is based in Gateshead, UK, making it the primary geographical focus of the company’s operations and investment activity.
- Global – Recite Me's services impact users worldwide, including in Europe, the United States, and Australia, indicating their global market reach.
Industry
- Assistive Technology – Recite Me develops software tools that enhance accessibility for users with disabilities, making it a key player in the assistive technology sector.
- Software Development – The firm specializes in creating software plugins to improve website accessibility, positioning it within the software development industry.
- Investment and Finance – The involvement of BGF as the investor situates this within the investment and finance industry, highlighting the financial backing and growth of tech companies.
Financials
- £4.6 million – The new follow-on investment amount secured by Recite Me from BGF.
- £8.8 million – The total investment amount BGF has made into Recite Me, including previous funding rounds.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Recite Me | Target Company | Company | An accessibility technology firm providing software tools to improve web accessibility. |
| BGF (Business Growth Fund) | Investor | Company | A UK-based investment firm providing funding to support Recite Me’s expansion and development efforts. |
| Ross Linnett | CEO | Person | Founder and CEO of Recite Me, who founded the company inspired by personal experiences with dyslexia. |
| John Healey | Investor | Person | An investor at BGF, involved in the decision to provide funding to Recite Me. |