RegTech firm MirrorWeb has secured a £2m investment from investor Maven.
The Manchester-based firm allows organisations to capture, archive and monitor web-based content for digital oversight and regulatory compliance.
The transaction has been funded by Maven’s managed VCTs and represents Maven’s tenth VCT investment in 2020.
The platform is designed to allow firms to drive down resource costs by removing manual processes while ensuring compliant record retention, storing them in an archive where they can be replayed as they appeared from a specific point in time.
Its clients include Zurich Insurance Group, Tesco Bank, The National Archives (UK), UK Parliament, and the BBC.
The funding received from the Maven VCTs will support the growth of the business as it seeks to capitalise on market opportunities in both the UK and US.
Maven originally invested in MirrorWeb in 2018, through the NPIF Maven Equity Finance fund, part of the £400 million Northern Powerhouse Investment Fund (NPIF), and since then the business has seen revenue growth and product development.
David Clee CEO of MirrorWeb said: “Despite the challenging conditions of the ongoing pandemic, MirrorWeb has been able to reach new strengths, leveraging AWS technology to deliver archiving solutions in a way that customers have never seen before. This investment secures the next stage of our evolution and the team is truly proud of what we’ve achieved and where our vision will take us.”
Jeremy Thompson, Investment Director at Maven, added: “We know the team extremely well, having originally provided funding through NPIF, and today’s investment represents an excellent opportunity for the Maven VCTs to back an innovative business with the opportunity to expand quickly in both the UK and internationally.”