Tech firm eyes UK and Nordic growth following funding package
A funding package, described as ‘significant’, has been provided to fuel the growth of Manchester-based lead generation technology firm, Firstborn Group
SME-focused alternative finance provider, Thincats, is behind the funding package for BGF-backed Firstborn, which is based in Spinningfields, and aims to expand throughout the UK and Nordic markets.
Founded in 2017 by Robin and Mattias Kaneteg, Firstborn Group connects consumers and providers with financial service products.
Mattias Kaneteg is also the founder of web hosting business, Miss Group, which received more than £19m from BGF, before its highly successful exit in 2020.
Firstborn Group, then known as ROI Media, has been backed by BGF since 2020, growing rapidly in that time through an ambitious buy and build strategy to acquire several brands and the development of a sophisticated database of more than half a million customers through which Firstborn Group can market products directly.
The funding will help the business leverage its extensive database, allowing Firstborn Group to target customers directly via SMS and email, offering a diverse range of financial services. Revenue generated via this channel is already growing rapidly, with sales increasing from 30% to 60% in the past 12 months.
The business will also look to continue its highly successful buy and build strategy following the integrations of four acquisitions since 2020 – Raketech, a consumer finance platform, Firstborn Capital, Effective Marketing and Uni Finance.
Dave Parr and Michelle Heptinstall led the deal team from ThinCats and Dave Furlong at Cowgills advised the business. Squire Patton Boggs provided legal support on the transaction.
Firstborn Group said: “We have already experienced outstanding growth as our customers have seen success in generating quality leads from working with us.
“With the investment from ThinCats and the backing from our partners at BGF, we will continue to invest in our product development and improve the service we offer to our customers as we continue our growth across Europe.”
Dave Parr, director business development, ThinCats, said: “It’s fantastic supporting ambitious and growing businesses like Firstborn Group.
“Management has a clear vision for the future and are implementing an already highly successful growth strategy. Together with the backing of BGF, the business is well positioned to capitalise on a fragmented market in the digital market sectors.”
Pinesh Mehta, investor at BGF, said: “Firstborn Group continues to go from strength to strength as the team delivers against its European growth plans. This latest partnership will galvanise product development and support new strategic acquisitions which have been identified.”
