Maven Capital Partners, (“Maven”), one of the UK’s most active private equity houses, has completed a £1m investment in hedgehog lab Limited (“hedgehog lab”), a mobile app designer and technology consultancy headquartered in Newcastle.
The funding will support hedgehog lab’s next phase of growth and allow the company to further invest in its sales and marketing function, boost its delivery capabilities and broaden its presence overseas, while also creating additional jobs. hedgehog lab currently has a sales presence in the UK, US, Denmark and India and delivery teams in the UK and India.
hedgehog lab operates in a large and fast growing market which is being driven by an increasing numbers of both app users and a variety of devices and platforms, including smartphones, tablets, desktops and wearables. As hedgehog lab is one of a few technology companies in the UK focused purely on app development, it is very well placed to secure large contracts from blue chip clients and has already worked with large businesses including Thales, The Financial Times, Channel 4, Mitsubishi and Microsoft HoloLens.
Founded in 2007 by CEO Sarat Pediredla and Mark Forster, who between them have nearly 40 years’ experience as software developers, hedgehog lab’s revenues grew 130% last year while staff headcount more than doubled to 98. The company currently employs 120 people.
The investment in hedgehog lab is the second Maven has made in the region since opening offices in Newcastle and Durham earlier this year. Newly established in the North East, Maven provides funding to dynamic, entrepreneurial businesses across the UK.
CEO Sarat Pediredla, said: “The time is right for hedgehog lab to take on external investment which will substantially drive growth. It became apparent very quickly that Maven was the right investor for us to partner with to help take the company to the next level, creating jobs in the North East and further afield. The team led by Michael Vassallo rapidly developed a solid understanding of our business and we look forward to working closely with them over the next few years. We see this deal as a vote of confidence in our business plan.”
Michael Vassallo, Investment Director at Maven, said: “We are delighted to support hedgehog lab in achieving its growth plans. A dynamic and well managed business, hedgehog lab has a highly skilled and dedicated team. They’ve already proven their ability to consistently design and build great software and we have every confidence that they will be able to deliver the growth that our investors have come to expect from Maven. We look forward to working with Sarat and the team to achieve this.”
Rod Wilkinson, head of KPMG’s corporate finance team in Newcastle, said: “hedgehog lab has exciting growth plans and we are delighted to have helped with the fundraising.”
Maven received legal advice from Watson Burton and corporate finance advice from UNW.
hedgehog lab was advised by Particular Legal and KPMG.
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