Case Study: MirrorWeb
Maven manages a diverse range of funds and can use a combination of these to structure a flexible financial package that is tailored to the financial objectives of the business and can continue to support the business as it grows.
Our investment in web archiving business MirrorWeb is an example of where several of our Funds have backed the business at different stages of its growth journey, demonstrating the long term commitment we aim to provide to our portfolio companies.
Watch David Clee, CEO at MirrorWeb and Jeremy Thompson, Investment Director at Maven, discuss how the various rounds of investment have helped MirrorWeb transition into a larger and more valuable business.
David Clee: Mirrorweb is a web and social media archiving business that services governments and financial institutions. Our association with AWS and Microsoft Azure gives us the scale and the global reach to enable us to capture all of these different content types.
Jeremy Thompson: What they are doing is something that I think is going to become something that various different customers in different sectors demand so the fact that they're archiving websites and social media effectively giving organizations the ability to archive their digital footprint.
David Clee: The first round of investments that Maven helped us secure was from the Northern Powerhouse Investment Fund. This initial tranche of money enabled us to change our product from a proof of concept or an MVP, which is a minimum viable product, to an enterprise product that customers could really start to use and start to drive results from.
David Clee: The second round of money we took was from a venture capital trust fund and this enabled us then to build out the business development team within the business and also to professionalize the business bringing in an operations director starting to scale our financial operations and our customer onboarding team.
David Clee: What impressed us about Maven was that their understanding of a small business’s requirements. Jeremy was very easy to work with understood the concerns that we had working with the VC and really supported us in our strategy and our plans to grow our business.
Jeremy Thompson: Since I've been working with the guys we've made quite a few quite useful introductions so you've got the current chair and then Andy McEwen is a guy we know well at Maven and he's got good experience of software businesses and a great relationship with the team. He puts a lot of time into helping them with strategic decisions building relationships with partners, customer contract discussions.
David Clee: What they enabled us to do was really scale our business and start to really address the market they gave us the firepower to hire the right people in the right roles at the right time
Jeremy Thompson: I probably speak to David at least once or twice a week and we've got a good relationship in that I don't tell him what to do or how to run his business but he knows he can pick up the phone any time and use me as a sounding board
David Clee: Maven have become a critical part of our team we really enjoy working with them the advice we receive from Jeremy and the wider team is always welcome.
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