10th July 2018
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NPIF – Maven Equity Finance (“the Fund”), part of the Northern Powerhouse Investment Fund, managed by Maven Capital Partners (“Maven”), one of the UK’s most active SME investors, has completed its 25th deal by investing £1m in industry leading tech platform MirrorWeb Limited (“MirrorWeb”).
The funding secured will fuel the company’s next phase of growth, strengthening the team by creating 12 new jobs to develop its innovative range of products and enter new markets.
Manchester-based MirrorWeb has developed an innovative, robust and highly scalable cloud-based unified electronic communications archiving and monitoring platform that enables frequent archiving of web and social media assets for businesses in the private, and public sector.
The SaaS platform archives and monitors multiple electronic communication channels and provides data replication options to all clients who require control of the archives in an off-premise environment. The company has developed a strategic relationship with Amazon Web Services (“AWS”), an on-demand cloud computing platform which allows MirrorWeb to linearly scale the infrastructure automatically which gives the firm an unparalleled archiving capacity.
A number of large businesses and high-profile public bodies are already using the platform, including UK Parliament, Welsh Government, HM Treasury and House of Lords. MirrorWeb aims to expand its reach by targeting the private sector where demand will be driven by heightened compliance requirements, including MiFIID2, FCA and SEC rulings. MirrorWeb’s industry-leading technology has been endorsed by one of the world’s leading archives –The National Archives (“TNA”).
There are very few direct competitors in the market, none of which have been able to offer the cloud native and server-less tech benefits that MirrorWeb can provide. Combining its own innovative proprietary software with established open source solutions, MirrorWeb’s service is deployed to the cloud producing a service that is not only easier to use and infinitely scalable but is more complete than the alternatives in the marketplace. The MirrorWeb technical team has an established, strategic relationship with AWS, and its platform provides comprehensive security and compliance capabilities necessary to meet regulatory requirements.
MirrorWeb was founded in 2012 by David Clee, Karl Stringer and Philip Clegg. This ambitious management team has the required skills and knowledge built through careers in IT, web, and software development combined with a huge entrepreneurial flair. David Clee (CEO) has a strong sales background, previously founding an escrow solutions company of which he was the Managing Director for over eight years. Philip Clegg (CTO) is an experienced and capable technologist with a background in software engineering and is responsible for the infrastructure and development operations side of the MirrorWeb platform. Karl Stringer (CPO) is a systems developer specialising in web application development. Prior to joining MirrorWeb, Karl previously ran his own web application design & development consultancy business.
Maven was appointed manager of the £57.5 million equity fund in February 2017, part of the £400 million Northern Powerhouse Investment Fund, a partnership between the British Business Bank, ten Local Enterprise Partnerships in the North of England, the European Investment Bank and the European Regional Development Fund. NPIF – Maven Equity Finance is now supporting the growth aspirations of high-potential SMEs across Lancashire, Greater Manchester, Liverpool, Cumbria and Cheshire.
Jeremy Thompson Investment Manager of Maven Capital said: “MirrorWeb has developed innovative technology which has allowed the firm to build a cloud-based website and social-media archiving service. The team has already won some impressive customers including The National Archives and UK Parliament, and has developed a strong relationship with Amazon Web Services to enable the platform to scale up very easily. This investment will further strengthen the team in Manchester, as MirrorWeb looks to take advantage of growing demand as businesses and public sector bodies are increasingly looking for support to manage and monitor their digital communications. We are delighted to be able to support the team in their next stage of growth.”
David Clee CEO of MirrorWeb Limited said: “As a growing Manchester startup we have secured some high profile customers is several key sectors. These customers have seen the value in the innovative solutions we have developed and chosen to work with us to meet historic, compliance and brand security needs. Over the last 12 months we have seen an increase in revenue in excess of 400% and the team has grown to meet demand.
We now have ambitious plans for the next two years and so needed to raise our first round of investment, Maven Capital Partners were chosen for the initial round due to their experience in supporting growing companies in the North of England.
The investment will enable MirrorWeb to further strengthen the team with some key hires in the development and commercial teams as we look to take advantage of exciting demand for the innovative solutions we provide.”
Ken Cooper, Managing Director at British Business Bank, said: “The Northern Powerhouse Investment Fund continues to unlock growth for businesses across the region, creating jobs and providing the resource to develop innovative products and enter new markets. We are pleased that NPIF investment is supporting MirrorWeb’s ambitious objectives.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Maven Capital Partners UK LLP is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 495929
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