Published: Jan 31, 2020
Focus: Finance Durham Fund
Created in 2016, Oak is aimed at enterprise and medium sized businesses, it organises departments, news, teams, projects and internal communication through its mobile app and SaaS platform. This makes it perfect for large organisations that may have multiple locations and deskless workers. Users of Oak see employee engagement levels of 90% or higher when adopting the company’s deployment methodology.
The funding coincides with several other exciting developments including a move to a new Newcastle City Centre office at Generator Studios.
Since its launch, Oak has been adopted by a range of industry leading organisations, such as Aldi, Halfords, ITV, REISS and River Island. Oak is a secure, cloud-based, digital workplace for internal communication and employee engagement. Oak’s Software as a Service solution is used by hundreds of thousands of people every day across multiple sectors.
The transaction comprises £950,000 from the North East Development Capital Fund, supported by the European Regional Development Fund and £600,000 from the Finance Durham Fund, established by Durham County Council and overseen by Business Durham, both regional funds are managed by Maven Capital Partners. £450,000 was invested from the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, and a further £100,000 was invested by a private investor.