Maven VCTs invest £2 million in MirrorWeb
We are pleased to announce that the Maven VCTs have invested up to £2 million in MirrorWeb, a leading tech business that enables organisations to capture, archive and monitor web-based content for digital oversight and regulatory compliance. The transaction represents Maven’s tenth VCT investment in 2020.
Manchester based MirrorWeb has developed a cloud-based SaaS platform that helps organisations create accurate and immutable records of online communications, ensuring they meet compliance obligations and information of cultural or historical value is never lost.
Financial services firms are increasingly finding it difficult to meet modern record-keeping requirements, citing digital compliance as a key concern. RegTech solutions such as MirrorWeb help businesses capture records of online content and financial promotions, ensuring FCA, FINRA, SEC and MiFID II requirements are met. The platform allows organisations to drive down resource costs by removing manual processes whilst ensuring compliant record retention, storing them in an archive where they can be replayed exactly as they appeared from a specific point in time.
The business now supports a range of clients across the private and public sectors, including Zurich Insurance Group, Tesco Bank, The National Archives (UK), UK Parliament, and the BBC.
Maven originally invested in MirrorWeb in 2018, through the NPIF Maven Equity Finance fund, part of the £400 million Northern Powerhouse Investment Fund, and since then the business has delivered significant revenue growth and product development. The funding from the Maven VCTs will support the continued growth of the business as it seeks to capitalise on market opportunities in both the UK and US.
Jeremy Thompson, Investment Director at Maven, said: “MirrorWeb is a fantastic northern technology business which has developed a genuinely novel platform. We know the team extremely well, having originally provided funding through NPIF, and today’s investment represents an excellent opportunity for the Maven VCTs to back an innovative business with the opportunity to expand quickly in both the UK and internationally. We look forward to helping the business accelerate its growth in these markets.”
David Clee, CEO of MirrorWeb added: “MirrorWeb is entering a very exciting stage in terms of growth and ambition. Over the past two years, we’ve made huge leaps in our mission to be the leaders in web-based archiving and this milestone is central in supporting the next phase of our journey. Despite the challenging conditions of the ongoing pandemic, MirrorWeb has been able to reach new strengths, delivering archiving solutions in a way that customers have never seen before. This investment secures the next stage of our evolution and the team is truly proud of what we’ve achieved and where our vision will take us.”