Fast-growing video tech firm to scale with £1.5m boost
A video technology company backed by investment group Mercia Technologies has received £1.5 million in additional funding as the firm looks to double its revenues this year.
Voxpopme, based in Birmingham, provides video insights and analytics technology to the market research and customer experience markets.
Founded in 2013 by Dave Carruthers, Andrew Barraclough and Tom Williams, it now boasts a client base of blue-chip customers including Microsoft, Accenture and Verizon.
The follow-on investment from Mercia will allow the business to expand its technical and commercial teams with new hires in its offices across the UK, US and Australia.
Chief executive Dave Carruthers said Mercia's support will help the start-up "push the boundaries of video technology even further".
"The ever-increasing appetite for video feedback within the world’s leading brands and consumers’ growing affinity for sharing their thoughts via video sets the perfect stage for our next phase of growth," he added.
"With Mercia's backing, we anticipate the adoption of agile video feedback to pick up even more pace over the next 12 months."
Mercia first invested in Voxpopme through its EIS funds in October 2017 and made its first direct investment in March 2018.
The company has since launched its VideoCX product - extending its reach from the market research space into the burgeoning customer experience market.
The business predicts continued strong revenue growth in the market research sector and expects its VideoCX product to see broad adoption.
Alistair Forbes, head of software and the internet at Mercia, said: "Dave and the team have shown exceptional dedication and we believe that Voxpopme is well positioned to become the industry standard for video analytics, and to deliver outstanding results for its customers in both market research and customer experience applications."