MySalesCoach takes personalised coaching platform to the next level with £935,000 of investment from Northstar Ventures
The highly effective sales coaching platform developed by MySalesCoach has netted the company a further £935,000 of investment from Northstar Ventures as part of a £1.1m funding boost.
MySalesCoach provides high quality, personalised sales coaching for businesses of all shapes and sizes to enable sales teams to achieve their full potential. The company was founded based on the evidence that regular, personalised coaching sessions have a significant impact on the performance of sales teams, but that busy managers struggle to prioritise this alongside their other responsibilities.
The MySalesCoach solution matches the user with a best fit sales coach from a panel of high calibre, experienced sales experts familiar with a wide range of challenges faced by sales teams. The investment will support the development of new AI tools that will provide users with real time sales support.
The business has experienced rapid growth since being founded in 2022 with current annual recurring revenues of more than £1m. Co-founder and CEO Kevin Beales is an experienced third-time founder and is well-known to Northstar Ventures, having previously founded and exited The Test Factory and Northstar backed Refract.
This investment comes from two of Northstar Ventures’ funds; £740,000 from the North East Innovation Fund, supported by the European Regional Development Fund, and £195,000 from the Northstar EIS Growth Fund. Creative UK is also investing £150,000 through the North of Tyne Culture and Creative Investment Programme funded by the North East Combined Authority (previously the North of Tyne Combined Authority), with an additional £85,000 from angel investors. The investment from Northstar has enabled MySalesCoach to access a grant via Innovate UK’s investor partnership programme. A grant from the National Innovation Centre for Data in Newcastle has also been given to support the AI integration.
Commenting on this latest round of investment, Tom O’Neill, Investment Manager, Northstar Ventures said: “We are excited to provide further support for MySalesCoach which has grown significantly since our initial investment in 2022 and is now well placed to scale further. Utilising our investor network to introduce Creative UK and new angel investors has provided additional capital to further accelerate the next stage of the business’ growth. MySalesCoach’s use of AI shows how businesses in the North East are adopting the latest technologies to deliver inventive solutions that make a real difference to their customers. We look forward to working with MySalesCoach in the next stage of their development and to seeing the business continue to flourish.”
Kevin Beales, Founder and CEO, MySalesCoach added: “We have been fortunate to work with Northstar since our launch in 2022, and their support, expertise and funding have been an integral driver in our growth. Our initial success – working today with over 100 sales teams and delivering over 5,000 1:1 expert coaching sessions – has given us all the confidence to further invest in both further growth and the transformative opportunities today in AI.”
Rahul Misra, Investment Principal, Creative UK, says:” ‘We are pleased to join the investor journey for MySalesCoach as they build on early success and move into their next phase of growth. The MSC business model leverages human connection, technology, and AI to upskill teams and improve revenue outcomes for businesses. The commercial proposition and network effects for the Northeast ecosystem make this a compelling opportunity for our fund partnership with the North East Combined Authority. We look forward to the journey ahead.”
Notes To Editors
Press contacts – Northstar Ventures Limited
Deborah Nixon Carr
Marketing / Investment Support
M: 07754 800 749
[email protected]
Emma O’Rourke
Finance Director
M: 07715 366 434
[email protected]
About Northstar Ventures
Northstar Ventures is a long-established venture capital company based in the North East of England.
As the region’s leading early-stage investor, we have provided over £100m of funding into start-ups, early-stage businesses and high impact social enterprises.
Supporting entrepreneurs since 2004, we know how to identify strong, effective teams with innovative ideas that will drive high growth, scalable businesses, and sustainable charities. Our particular focus is on those organisations who provide solutions to societal and industry-wide issues on a regional, national and even global scale.
Our investment managers have a wealth of expertise supporting new and growing businesses. They bring commercial and operational knowledge to the table combining everything from PhDs, MBAs, international careers and finance to micro-business experience.
Northstar Ventures Limited is authorised and regulated by the Financial Conduct Authority. For more information see www.northstarventures.co.uk.
About the Northstar EIS Growth Fund
The Northstar EIS Growth Fund is a tax-efficient fund that offers investors the opportunity to invest in innovative businesses with high growth potential. The fund provides growth capital for scale up businesses with good commercial traction and proven demand and which are rapidly establishing their position in the market.
About MySalesCoach
MySalesCoach is the leading marketplace for sales coaching – matching sales teams and sellers with the perfect coach, from over 80 highly curated experts.
Addressing the skills gaps and revenue challenges for over 100 leading sales teams, from early stage sales roles to CRO’s and VP’s, MySalesCoach matches individuals with the experience and expertise to help sellers achieve their growth potential and teams achieve their revenue goals.
Press contacts – North East Fund
Kristen Watson
PR Account Executive
T: 0191 261 4250
M: 07718 065696
[email protected]
Sarah Banks [email protected]
Jez Davison [email protected]
About The North East Fund
The North East Fund’s suite of five venture capital and loan funds invested £128m in 433 companies between April 2018 and December 2023. The programme will continue to provide funding during 2024 to small and medium sized businesses based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead, Sunderland and County Durham. It was established to encourage investment in, and the commercialisation of, new technologies and to stimulate new business creation, private investment and entrepreneurialism in the North East. By January 2024, over 2,700 new jobs had already been created by its investee companies. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by an independent, FCA-regulated fund manager. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities.
About the European Regional Development Fund
The North East Fund will receive up to £78,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, job creation and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. For more information, visit: http://www.eib.org/about/index.htm
