AshGrove has completed a senior secured financing for Voly, a yacht management software, payments and payroll platform.
The size of the facility was not disclosed.
Proceeds support Voly’s investment in Oceanskies, a Guernsey-based provider of maritime employment and yacht registration services, as well as additional growth capital for the group.
AshGrove funded the facility from AshGrove Specialty Lending Fund II, which held its final close at a €650 million hard cap in November 2024, more than double the firm’s €300 million inaugural fund and above a €500 million target.
Voly, founded in 2016 and based in Cheadle, Greater Manchester, provides software used to manage the financial and operational requirements of yachts and other high-value assets. Its suite includes accounting, payments, foreign exchange, reporting, project management and crew management. The company said its technology is used on more than 1,700 vessels and that the group employs more than 200 people, with offices in Guernsey, Southampton, Malta, Barcelona and Fort Lauderdale.
Magenta Partners acquired Voly in 2021 and remains majority owner, alongside Founder and Group CEO Ian Flanagan and management. Under Magenta, Voly bought project management platform Pinpoint Works in 2023, maritime payroll and crew services provider Voyonic, now Voly Crew, in September 2024, and crew management software provider Workrest in December 2024. Oceanskies is the latest of those add-ons.
James Cunnah, Director at AshGrove, said Voly is “exactly the type of specialist software business AshGrove is built to support” and that the firm can create bespoke financing around its needs.
Flanagan said the Oceanskies investment combines specialist payroll providers in yachting and that AshGrove understands the business model.
Chase Emson, Managing Partner at Magenta, said Oceanskies adds complementary capabilities and that AshGrove’s funding supports the next stage of the strategy Magenta has backed since 2021.
The AshGrove financing follows earlier growth credit from Palatine Growth Credit, which provided a £2 million facility in September 2024 to support the Voyonic acquisition, further support in December 2024 for Workrest, and a third facility in October 2025 for product development, further acquisitions and AI.
AshGrove is a European firm that provides bespoke capital and financing to B2B software and services companies. It manages about €1 billion, has offices in London and Copenhagen, and typically lends €10 million to €50 million of senior secured debt.