Mercia Asset Management PLC (AIM: MERC, 31p, £93m) announced a £7.5m syndicated round for one of its portfolio companies, Voxpopme, a video insights platform operating on a SaaS model. Mercia invested £2m as part of a £7.5m round, alongside two new investors, Chicago-based Origin Ventures and NVM Private Equity.
The investment round makes Voxpopme Mercia’s 8th largest holding with the round struck at a small premium to the year end carrying value of £13.9m (pre-money). Following a £2m direct investment, Mercia’s direct equity stake is now 23.7%. The investment will be used to grow the team and invest in product development, including additional integration with other SaaS solutions.
Voxpopme is one of Mercia’s balance sheet-funded direct investments. Mercia made its initial investment in 2017.
Voxpopme is a video insights platform that provides innovative video analytics for internationally renowned clients such as Microsoft, Airbnb, Coca-Cola, Verizon and Expedia. The business has already demonstrated rapid revenue growth operating in a market estimated to be worth c. $46bn in market research and c. $17bn in customer experience. Over the last 18 months Voxpopme has delivered strong revenue growth in both the US and Europe, with year-on-year annual recurring revenue growth exceeding 100%.
Author: Richard Williamson