musicMagpie secures £20m ahead of float
Stockport-based ecommerce site musicMagpie has secured £20m in growth financing, just days after revealing more details about its intention to float.
The funding has been secured through a £10m committed revolving credit facility and a £10m accordion facility from the UK branch of tech lender Silicon Valley Bank (SVB).
It will use the growth financing from SVB to invest in its platform and sales and marketing in the UK and US.
The company’s platform, which allows for the resale of consumer tech, now has over 7.2 million customers globally across 210 countries
It is placing 7.8m new ordinary shares and 49.4m existing ordinary shares at 193p each next week, subject to approval.
Commenting on the Silicon Valley Bank financing, CEO and co-founder Steve Oliver said: “We will use the additional funding to build out our international market presence and advance our digital proposition. We’ll also focus on building our talent pool and investing in our platform and refurbishing capabilities.”
Richard Faulkner, Managing Director of Silicon Valley Bank added: “musicMagpie is one of the many exciting innovation companies in the North of England and it has been great to be able to support their impressive journey of rapid growth.”