Manchester-based web hosting firm Miss Group has secured investment from Perwyn, leading to the exit of BGF.
Miss Group received an initial £6.4m from BGF in August 2018, followed by a £13m investment to accelerate its international expansion in 2019.
Revenues have grown from £8m to £25m, with EBITDA up from £2.5m to £11m.
Chief executive Mattias Kaneteg Kaneteg said: “When we met BGF, we had ambitious plans for growth and a strategy to add additional complementary acquisitions to our group in geographies where we could see strong potential.
“We’ve exceeded our own expectations and couldn’t be happier with the support and insight we’ve received.
“As we look ahead to our next chapter with Perwyn, we will continue to play to our strengths in marketing our market-leading proposition to SME customers with a focus on Scandinavia, Spain and the US.”
Pinesh Mehta of BGF’s Manchester office, who will step down from the board of Miss Group, added: “Miss Group is a fantastic example of a tech business which has taken an industry-leading product and proven business model to international markets in order to drive outstanding growth.
“We believe Manchester and the North West is home to many technology businesses with this potential and we’re keen to back their growth ambitions.”
Andrew Wynn and Mark Blower, partners at Perwyn, said: “We have been very impressed by Miss Group’s achievements to date and are delighted to partner up with its visionary founder Mattias Kaneteg on the next stage of the journey.
“The investment fits perfectly with Perwyn’s core investment thesis of backing high growth founder-led businesses pursuing international expansion and M&A. We look forward to working with Mattias and the team through these exciting times ahead.”