2i Testing received a funding injection from London-based private equity firm Rockpool Investments for an undisclosed eight-figure sum.
Rockpool typically provides funding in the £5-15 million range, meaning this round is likely between £10-15m.
The funding will bolster 2i as it eyes a turnover surpassing £50m in the coming years, a sizable goal, but the company has already seen an annual turnover of £20m.
2i has also expanded its workforce to over 200 employees across the UK.
The firm specialises in providing testing and quality assurance support to clientele including the Home Office, Virgin Money, Abrdn, and the Scottish Government’s Social Security Directorate.
Following the backing of Rockpool Investments, 2i CEO Dave Kelly is keen to explore acquisition opportunities to further enhance 2i’s service offerings.
“We are absolutely delighted with this investment from Rockpool, who we believe are the perfect partner to help us on the next stage of our growth journey,” said Kelly.
“Their support and expertise will help us to further develop our service offerings and identify acquisition opportunities to support our aim of becoming the premier quality engineering company in the UK.”
The partnership between 2i and Rockpool Investments signifies a strategic alignment aimed at capitalising on the increasing demand for digital solutions.
As organisations face mounting pressure to navigate digital transformations successfully, 2i stands poised to deliver expertise and service in this field.
“We are delighted to be partnering with Dave Kelly and the 2i team as they continue their strong organic growth and embark on a buy and build journey,” said Guy Nieuwenhuys, Investment Director at Rockpool.
“We have been impressed by their proactive investment in talented people and automation products.”
Source: DIGIT