Space 48 secures cash injection from private equity investor
Manchester ecommerce agency Space 48 is to boost its sales team and explore international opportunities after securing a cash injection from private equity investor Foresight.
The undisclosed investment will look to take the company - which has around 50 staff and is on track for in excess of £4m revenue in 2021 - "through its next stage of growth".
Space 48 provides a full range of ecommerce consulting services to the likes of Ordnance Survey, Richer Sounds and Bettys & Taylors of Harrogate.
As part of the deal, Foresight will appoint a chairperson from the industry who will be instrumental in leading the business through its next phase of growth, driving operational efficiencies and exploring expansion opportunities.
Jon Woodall (pictured), Managing Director and founder of Space 48, said: “The company has grown organically since 2008 but, in order to take it to the next level, we decided to bring in a new partner to help realise our full potential.
"Foresight’s focus on growing UK businesses and its track-record of investing in ecommerce were key for us. As we look to expand our reach and breadth of customers for services, I am confident that the business will flourish with Foresight’s support.”
Matthew Pomroy, Investment Director at Foresight, added: “Jon and the team at Space 48 have built a very strong business from the ground up and have become one of the most reputable companies within the sector."