Video insight firm Voxpopme, which works with the likes of Microsoft and Tesco, has secured a seven-figure investment to support its global expansion.
The investment from Mercia Fund Managers will support the Birmingham-headquartered company’s growth plans and be used to enhance its end-to-end video insight technology.
Founded in 2013 by chief executive Dave Carruthers, Voxpopme has developed a video analytics platform which enables companies to gain a deeper understanding of consumers’ attitudes and opinions.
By bringing together both qualitative and quantitative data, the firm removes the pain points typically associated with video insight – making video fast, easy and instant for market researchers and customer experience professionals.
“We’re excited to receive the backing of Mercia Fund Managers,” Carruthers said. “Its record of building valuable businesses speaks for itself and confirms that the demand for agile video insight is increasing exponentially.
“Mercia’s ambition to grow businesses with global potential matches our plans to advance video research software so that any researcher, marketer or business owner can quickly capture, analyse and share consumer-recorded video insight, anytime, anyplace.”
Julian Dennard, investment director at Mercia Fund Managers, added: “We’re delighted to add Voxpopme to our portfolio and look forward to playing an active role in its next phase of growth.
“The company has built an innovative, market-leading product that has positioned it as the dominant provider of video insight software to professional global brands and agencies.
“Witnessing the increasing demand for video technology in a market that is estimated by MarketsandMarkets to grow to $40.8bn by 2022, shows its massive potential as a disruptor to the software sector.”
Voxpopme currently employs 30 people and has more than doubled its turnover year-on-year since 2015.
With offices in Birmingham, Salt Lake City and Sydney, Voxpopme plans to recruit 15 additional staff across North America, Europe and Asia-Pacific.