Published: Jul 10, 2018
Focus:
NPIF Maven Equity Finance
Maven has completed its 25th deal investing £1m in industry leading tech platform, MirrorWeb. The funding secured will fuel the company’s next phase of growth, strengthening the team to develop its innovative range of products and enter new markets.
Manchester-based MirrorWeb has developed an innovative, cloud-based communications 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, providing data replication options to 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 gives MirrorWeb an unparalleled archiving capacity.
MirrorWeb’s industry-leading technology has been endorsed by one of the world’s leading archives, and already has a number of high-profile public bodies already using the platform, including UK Parliament, Welsh Government, HM Treasury and House of Lords. The aim is to expand its reach by targeting the private sector where demand will be driven by heightened compliance requirements.
With cloud native and server-less tech benefits, combining its innovative proprietary software with established open source solutions, MirrorWeb’s cloud-based service is easy to use and infinitely scalable.
Founded in 2012 by David Clee, Karl Stringer and Philip Clegg, an ambitious management team with the requisite skills and knowledge built through careers in IT, web, and software development combined with a huge entrepreneurial flair.
Jeremy Thompson Investment Manager of Maven Capital said: “MirrorWeb has developed an 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 in light of businesses and public sector bodies looking for more 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 start-up we have secured some high profile customers in 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 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 have ambitious plans to roll out over the next two years and needed to raise investment to support this. Maven has fantastic experience of supporting growing companies in the North of England.
"The investment will enable MirrorWeb to further strengthen the team with some key hires in our development and commercial departments as we look to take advantage of the 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.
