Maven Capital Partners has invested a additional £1m in Manchester-based mostly MirrorWeb, to assistance its remarkable growth, significantly in North The us.
Today’s transaction, funded by way of Maven’s VCTs, will provide the total sum invested in the business by Maven purchasers to £4.5m.
MirrorWeb is a cloud-based SaaS system that permits organisations to capture, archive and monitor web site and social media content material for digital oversight and regulatory compliance. Its revolutionary remedy is especially eye-catching to organizations who run in regulated markets where by maintaining and preserving their electronic footprint is crucial.
Maven initially backed the enterprise in 2018 with funding by NPIF Maven Fairness Finance, element of the Northern Powerhouse Expense Fund, to aid create its progressive assortment of items. The Maven VCTs subsequently invested in the small business in 2020 subsequent a robust interval of progress, supporting its growth into new marketplaces.
Since then, MirrorWeb has noticeably elevated its once-a-year recurring revenues and entered the North American sector, successful a number of vital consumer contracts, such as the US Library of Congress. Other noteworthy blue chip consumers consist of Typical Life, Zurich, AXA, Invesco, HSBC and the BBC.
The supplemental £1m investment will guidance MirrorWeb’s continued expansion into the US, enabling it to open up an workplace in Austin, Texas, and raise its headcount, specially in revenue and promoting.
Jeremy Thompson, expense director at Maven, mentioned: “In the four decades we have labored with the senior administration crew at MirrorWeb we have been impressed by their ambition, the progress they have made in growing revenues, and the traction the company’s novel engineering has had within the sector.
“MirrorWeb is well positioned to carry on that progress, capitalising on the rising demand from organisations to have safe digital documents of all digital communications to meet up with their compliance and regulatory obligations.”
MirrorWeb CEO, David Clee, claimed: “With Maven’s guidance MirrorWeb has been ready to win consumers of all measurements in the pretty aggressive US marketplace. The answers we have produced and the products and services we provide are allowing for us to disrupt a highly regulated marketplace that has been dominated by a tiny team of providers for way too very long.
“With Maven’s assist we have now been able to open up an business office in Austin and will have boots on the floor in the US from early June. This office environment will permit us to assistance purchasers from sunlight increase on the east coastline to sunlight set on the west coast. We are extremely psyched about the future section of our advancement.”