Further Maven investment will expand cloud specialist’s US growth
Maven Capital Partners has invested a further £1m in Manchester-based MirrorWeb, to support its impressive growth, particularly in North America.
Today’s transaction, funded via Maven’s VCTs, will bring the total amount invested in the business by Maven clients to £4.5m.
MirrorWeb is a cloud-based SaaS platform that enables organisations to capture, archive and monitor website and social media content for digital oversight and regulatory compliance. Its innovative solution is particularly attractive to businesses who operate in regulated markets where maintaining and preserving their digital footprint is imperative.
Maven first backed the business in 2018 with funding through NPIF Maven Equity Finance, part of the Northern Powerhouse Investment Fund, to help develop its innovative range of products. The Maven VCTs subsequently invested in the business in 2020 following a strong period of growth, supporting its expansion into new markets.
Since then, MirrorWeb has significantly increased its annual recurring revenues and entered the North American market, winning a number of key customer contracts, including the US Library of Congress. Other notable blue chip clients include Standard Life, Zurich, AXA, Invesco, HSBC and the BBC.
The additional £1m investment will support MirrorWeb’s continued expansion into the US, enabling it to open an office in Austin, Texas, and increase its headcount, particularly in sales and marketing.
Jeremy Thompson, investment director at Maven, said: “In the four years we have worked with the senior management team at MirrorWeb we have been impressed by their ambition, the progress they have made in growing revenues, and the traction the company’s novel technology has had within the market.
“MirrorWeb is well positioned to continue that growth, capitalising on the rising demand from organisations to have secure digital records of all electronic communications to meet their compliance and regulatory obligations.”
MirrorWeb CEO, David Clee, said: “With Maven’s support MirrorWeb has been able to win clients of all sizes in the very competitive US market. The solutions we have developed and the services we provide are allowing us to disrupt a highly regulated market that has been dominated by a small group of companies for too long.
“With Maven’s support we have now been able to open an office in Austin and will have boots on the ground in the US from early June. This office will enable us to service clients from sun rise on the east coast to sun set on the west coast. We are very excited about the next phase of our growth.”