Newcastle's hedgehog lab secures £900k investment as it looks to double growth
Newcastle-headquartered digital product consultancy hedgehog lab has raised £900k from the North East Development Capital Fund as it plots to double its growth over the next two years.
The investment, which brings total funding in the business to £2.2m, comes after hedgehog lab reached global revenues of £5m for the first time in 2019.
The company has also unveiled a new management team, with former Sun Microsystems UK Sales Director Charles Andrews joining as Chairman and RTC North’s Martin Porton as Finance Director.
A new Global Managing Director is also set to be appointed within the first quarter of 2020 alongside further internal hires.
Co-Founder and Chief Executive Officer Sarat Pediredla said: “A few years ago, we decided to accelerate our scaleup journey by seeking an investor partner who shared our ambition of building a world-class technology consultancy in the North East.
“With the hard work of our team and support from our customers and Maven, we have made incredible progress but we knew we could do more. This latest round of investment allows us to invest in boosting our leadership team and go-to-market strategy to ensure we set the business up for the next stage of growth.”
Andrews added: “hedgehog lab has already built an impressive fan base of clients through their ability to build compelling digital experiences. I am really excited to be joining them as they continue to deliver engaging digital products with more clients across various international markets and grow their digital expertise.”
The North East Development Capital Fund is supported by the European Regional Development Fund and managed by Maven Capital Partners, which invested in hedgehog lab in 2017,
The consultant aims to increase its revenues to £10m by the end of 2021.