£4m further funding for lead generation business
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Capital investor BGF has announced a further £4m investment in Manchester-based fast-growth, lead generation technology business, ROI.
This deal follows just seven months after BGF’s initial investment, taking the total invested to £7m.
In November 2020, ROI acquired the consumer finance assets of Raketech to accelerate the company’s growth in the financial services sector and establish a base in Norway.
With ambitions to become the number one lead generation business in Europe, ROI’s success to date is through its lead generation product which allows small businesses to rent a highly optimised website, attract more leads and generate sales.
Since BGF’s investment, ROI has made strategic hires in key locations and is already seeing significant growth in new markets with high demand from businesses looking to establish a digital platform to gain new customers.
Robin Kaneteg, co-founder and CEO of ROI, said: “We have invested in building a market leading technology that allows businesses to grow.
“This has underpinned our own growth to date, but the pace of digital transformation we’ve all experienced in the past 12 months has resulted in a surge of enhanced interest that we have been ideally positioned to address.
“The additional funding from BGF will allow us to unlock growth even more quickly, expand our market share and move into more locations and vertical sectors, as well as considering complementary acquisitions.”
Joel Halling, co-founder and sales director at ROI, said: “When we first received funding we had proven our business in Sweden and were looking to roll out the concept to other locations across Europe.
“In the past six months we’ve done this successfully in the UK and Norway and there is significant demand for our services, even though some locations are still facing local COVID-19 restrictions.
“This leaves us very optimistic about the future potential as areas emerge from lockdown. We’ve made some excellent hires as we continue to build a team that will support us achieving our ambitious goals.”
Pinesh Mehta, investor at BGF said: “With a strong, entrepreneurial management team, this is a business that has a clear plan and has a genuinely innovative proposition capable of significant scale.
“We’ve been impressed by the progress made since our initial investment and look forward to supporting the business through this next growth phase with follow-on investment.”