MirrorWeb secures £1m seed follow on investment from Maven Vcts to fund US expansion.
The funding follows prior support from Maven and will establish a physical presence in Austin, Texas.
MirrorWeb provides unified communications supervision software for financial services firms and regulated industries. Its Insight platform captures and archives digital channels to support compliance and regulatory readiness.
Manchester based compliance technology company MirrorWeb has secured £1m in a seed follow on round from Maven Vcts, bringing total funding from the investor to £4.5m. The latest capital injection will fund the opening of an office in Austin, Texas, and support recruitment across sales and marketing teams.
The business has experienced robust growth since initial backing in 2018, scaling its annual recurring revenues and entering the North American market. Key client wins include the US Library of Congress alongside established financial institutions such as HSBC and Zurich.
From the founder
"With Maven’s support MirrorWeb has been able to win clients of all sizes in the very competitive US market. 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. 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."
David Clee
CEO at MirrorWeb
Investor perspective
"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. 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."
Jeremy Thompson
Investment Director, Maven VCTs
Use of funds
- 01Expand into international markets
- 02Grow the team
- 03Invest in sales and marketing