NPIF – Maven Equity Finance invests £1m in tech platform MirrorWeb

Tuesday July 10th, 2018

NPIF – Maven Equity Finance (“the Fund”), part of the Northern Powerhouse Investment Fund, managed by Maven Capital Partners (“Maven”), one of the UK’s most active SME investors, has completed its 25th deal by investing £1m in industry leading tech platform MirrorWeb Limited (“MirrorWeb”).Government Opportunities

The funding secured will fuel the company’s next phase of growth, strengthening the team by creating 12 new jobs to develop its innovative range of products and enter new markets.

Manchester-based MirrorWeb has developed an innovative, robust and highly scalable cloud-based unified electronic communications archiving and monitoring platform that enables frequent archiving of web and social media assets for businesses in the private, and public sector.

The SaaS platform archives and monitors multiple electronic communication channels and provides data replication options to all clients who require control of the archives in an off-premise environment. The company has developed a strategic relationship with Amazon Web Services (“AWS”), an on-demand cloud computing platform which allows MirrorWeb to linearly scale the infrastructure automatically which gives the firm an unparalleled archiving capacity.

A number of large businesses and high-profile public bodies are already using the platform, including UK Parliament, Welsh Government, HM Treasury and House of Lords. MirrorWeb aims to expand its reach by targeting the private sector where demand will be driven by heightened compliance requirements, including MiFIID2, FCA and SEC rulings. MirrorWeb’s industry-leading technology has been endorsed by one of the world’s leading archives –The National Archives (“TNA”).

There are very few direct competitors in the market, none of which have been able to offer the cloud native and server-less tech benefits that MirrorWeb can provide. Combining its own innovative proprietary software with established open source solutions, MirrorWeb’s service is deployed to the cloud producing a service that is not only easier to use and infinitely scalable but is more complete than the alternatives in the marketplace. The MirrorWeb technical team has an established, strategic relationship with AWS, and its platform provides comprehensive security and compliance capabilities necessary to meet regulatory requirements.

MirrorWeb was founded in 2012 by David Clee, Karl Stringer and Philip Clegg. This ambitious management team has the required skills and knowledge built through careers in IT, web, and software development combined with a huge entrepreneurial flair. David Clee (CEO) has a strong sales background, previously founding an escrow solutions company of which he was the Managing Director for over eight years. Philip Clegg (CTO) is an experienced and capable technologist with a background in software engineering and is responsible for the infrastructure and development operations side of the MirrorWeb platform. Karl Stringer (CPO) is a systems developer specialising in web application development. Prior to joining MirrorWeb, Karl previously ran his own web application design & development consultancy business.

Maven was appointed manager of the £57.5 million equity fund in February 2017, part of the £400 million Northern Powerhouse Investment Fund, a partnership between the British Business Bank, ten Local Enterprise Partnerships in the North of England, the European Investment Bank and the European Regional Development Fund. NPIF – Maven Equity Finance is now supporting the growth aspirations of high-potential SMEs across Lancashire, Greater Manchester, Liverpool, Cumbria and Cheshire.

Jeremy Thompson Investment Manager of Maven Capital said:

“MirrorWeb has developed innovative technology which has allowed the firm to build a cloud-based website and social-media archiving service. The team has already won some impressive customers including The National Archives and UK Parliament, and has developed a strong relationship with Amazon Web Services to enable the platform to scale up very easily. This investment will further strengthen the team in Manchester, as MirrorWeb looks to take advantage of growing demand as businesses and public sector bodies are increasingly looking for support to manage and monitor their digital communications. We are delighted to be able to support the team in their next stage of growth.”

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