Private equity firm Maven backs Newcastle app developer
Private equity firm Maven Capital Partners has invested £1m in fast-growing mobile app designer and technology consultancy hedgehog lab.
The funding will support the Newcastle-headquartered company’s next phase of growth and allow it to further invest in its sales and marketing function, boost its delivery capabilities and broaden its overseas presence.
Hedgehog lab was founded in 2007 by CEO Sarat Pediredla and Mark Forster, who between them have nearly 40 years of experience as software developers.
It now employs 120 people and has operations in the UK, US, Denmark and India. The company has already worked with large businesses including Thales, The Financial Times, Channel 4, Mitsubishi and Microsoft HoloLens.
“The time is right for hedgehog lab to take on external investment which will substantially drive growth,” Sarat Pediredla said.
“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.
“We see this deal as a vote of confidence in our business plan.”
The investment in hedgehog lab is the second Maven has made in the region since opening offices in Newcastle and Durham earlier this year.
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.”
Maven received legal advice from Watson Burton and corporate finance advice from UNW. Hedgehog lab was advised by Particular Legal and KPMG.