Tech consultancy firm hedgehog lab has secured a £900,000 investment package as it targets global growth and £10m turnover.
The digital product consultancy was founded by in 2007 by Sarat Pediredla, who has grown the group into an international firm with offices in the 海角视频, US and India.
The company, which employs 100 people across four offices, builds software and solutions for brands including Kodak Moments and Deliciously Ella.
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Now the firm is targeting more big name brands around the world, using £900,000 from the North East Development Capital Fund, supported by the European Regional Development Fund and managed by existing investors Maven Capital Partners, as it plots to double its growth again over the next two years.
The investment brings total funding in the business from Maven to £2.2m, following a successful 2019 for the company which saw it reach revenues of £5m for the first time, with its US business in Boston now contributing nearly 25% of overall turnover.
Maven first backed the business in 2017 and since then hedgehog lab has doubled revenues.
Now it plans to double turnover to £10m within the next two years, and says it expects to create new jobs as it targets work with big clients.
It has also unveiled a new management team to drive its ambitions, by adding experienced professionals with a track record of scaling rapidly-growing businesses.
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Tech growth advisor, investor and former Sun Microsystems 海角视频 sales director Charles Andrews joins the business as its new chairman.
He will draw on experience of working with the likes of IBM and Globant to support the company with its future growth plans.
Martin Porton joins as finance director from RTC North, bringing over 20 years’ experience working with high growth businesses including Cravens and creative agency TH_NK.
The fim will also soon announce the appointment of a new global managing director, as well as other notable hires as it continues to grow.
Co-founder and chief executive officer Sarat Pediredla said: “A few years ago, we decided to accelerate our scaleup journey by seeking an investor partner who shared our ambition of building a world-class technology consultancy in the North East.
“With the hard work of our team and support from our customers and Maven, we have made incredible progress but we knew we could do more.
“This latest round of investment allows us to invest in boosting our leadership team and go-to-market strategy to ensure we set the business up for the next stage of growth.”
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Charles Andrews, hedgehog lab’s new chairman, said: “hedgehog lab has already built an impressive fan base of clients through their ability to build compelling digital experiences. I am really excited to be joining them as they continue to deliver engaging digital products with more clients across various international markets and grow their digital expertise.”
Michael Vassallo, investment director of Maven Capital Partners, added: “An innovative player in the technology market who we first backed in 2017, we’re delighted to support hedgehog lab as it embarks on an exciting programme of growth.
“A dynamic and well-managed business, hedgehog lab has already proven their ability to consistently design and build great software and we look forward to working with Sarat and the team to drive the business forward.”