Former Startups 100 winner Huddle to be snapped up for estimated $89m
Young Guns-founded Huddle is set to be sold to a US private equity firm according to a since deleted blog post on the start-up's website
Hubble, the online collaboration tool and Startups 100 2010 winner, is set to be sold to US private equity firm Turn/River for estimated $89m, according to reports.
In a now deleted blog post on the start-ups website, current CEO Morten Brøgger wrote that Turn/River would become the business’s “majority shareholder”, with Business Insider estimating the price to be $89m or £68m.
“We believe Turn/River is the perfect home for Huddle as we look to accelerate this growth, scale our business and continue to service our existing clients with the industry’s most secure document collaboration system” Brøgger said.
Founded by Young Guns Andy McLoughlin and Alastair Mitchell, who also ran London tech networking event Drink Tank, Huddle provides packages of project management and online collaboration software for a host of blue-chip businesses and public sector bodies.
The East London-based business, which also has a presence in San Francisco (its dual HQ), New York and Washington, counts the likes of Baker Tilly, Grant Thornton, Deloitte and the Department for Work & Pensions as clients – and has previously raised more than $89.2m from four different funding rounds.
In 2015, both Mitchell and McLoughlin stepped down in their roles at Huddle, with the former quitting as chief executive to take up the new title of president and chief marketing officer.
While McLoughlin, already a serial investor who had backed over 35 businesses, left to join SoftTech, a Silicon Valley venture capital firm which invests in early-stage scale-ups – though he remained on the board for a time.
The angel investor, who had previously invested in Young-founded Secret Escapes, was also later awarded an OBE in the Queen’s Birthday Honours 2015 for his services to UK business and technology leadership.
In it, he addressed how life as an entrepreneur can “make you go from feeling like Richard Branson one minute to Del Boy the next”, and talked about Huddle’s rise from bedroom start-up to global business.