Newcastle-based app designer hedgehog lab raises £1m
With a presence in the US, Denmark and India, the tech start-up will use the fresh injection of funds to invest in its sales and marketing channels
hedgehog lab, a mobile app designer and technology consultancy, has successfully raised £1m following backing from private equity firm Maven Capital Partners.
Focused purely on app development, hedgehog counts the likes of Thales, The Financial Times, Channel 4, Mitsubishi and Microsoft HoloLens as current or former clients.
Founded in 2007 by CEO Sarat Pediredla and Mark Forster, hedgehog lab claims its revenues grew 130% last year while staff headcount more than doubled to 98 – with the company currently employing 120 people.
Hedgehog lab will use the latest injection of funding to invest in its sales and marketing channels, drive recruitment and expand its overseas presence, which currently sees the start-up sell to the UK, US, Denmark and India.
The funding round marked the second time Maven has invested in hedgehog lab.
“The time is right for hedgehog lab to take on external investment which will substantially drive growth.
“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.
“The team led by Michael Vassallo rapidly developed a solid understanding of our business and we look forward to working closely with them over the next few years. We see this deal as a vote of confidence in our business plan.”
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.”
Rod Wilkinson, head of KPMG’s corporate finance team in Newcastle, said:
“hedgehog lab has exciting growth plans and we are delighted to have helped with the fundraising.”