Maven has increased its total investment in Manchester-based digital archiving platform, MirrorWeb, to £4.5m.
Today’s announcement of £1m follow-on funding is to support its expansion into the US, including a new office in Austin, Texas. It will also increase sales and marketing team.
MirrorWeb is a cloud-based SaaS platform where organisations to capture, archive and monitor website and social media content for digital oversight and regulatory compliance.
“In the four years we have worked with the senior management team at MirrorWeb we have been impressed by their ambition, the progress they have made in growing revenues, and the traction the Company’s novel technology has had within the market,” explained Jeremy Thompson, Investment Director at Maven.
“MirrorWeb is well positioned to continue that growth, capitalising on the rising demand from organisations to have secure digital records of all electronic communications to meet their compliance and regulatory obligations. We are delighted to be providing the follow-on capital MirrorWeb requires to support its expansion into the lucrative US market.”
Since Maven’s first investment in 2018, MirrorWeb has grown in the States and won contracts from the US Library of Congress, Standard Life, Zurich, AXA, Invesco, HSBC and the BBC.
“The solutions we have developed and the services we provide are allowing us to disrupt a highly regulated market that has been dominated by a small group of companies for too long,” added David Clee CEO of MirrorWeb.
“With Maven’s support we have now been able to open an office in Austin and will have boots on the ground in the US from early June. This office will enable us to service clients from sun rise on the east coast to sun set on the west coast. We are very excited about the next phase of our growth.”
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