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Ve Interactive secures ‘immediate cash injection’ with more investment promised after CEO makes way

London-headquartered Ve Interactive has said it has secured a new injection of investment after its Chief Executive Officer, David J Brown, agreed to step aside on Friday.

The funding comes after it was reported by the FT that the marketing company, which is widely touted as one of the UK’s few unicorns, had been late paying some of its staff in the last couple of months as it looked to seal new investment.

Now a consortium led by Douglas Barrowman’s Aston Ventures has provided an ‘immediate cash injection’ and replaced Co-Founder Brown with Aston’s Morten Tonnesen. Brown will remain with Ve as a Technology Advisor and shareholder.

The consortium also announced that it would now look to raise ‘significant sum’ of funding over the coming months.

Following the reshuffle, Brown said: “I’m immensely proud of what we have achieved at Ve over the last seven years, and I have a lot of confidence in the incoming team.

“I am looking forward to focusing on the product and technology vision after handing over the CEO reins to Morten. As part of my new advisory position, I will be cooperating in the transition over the coming weeks.”

Ve Non-Executive Chairman Stuart Chambers, who only recently joined the tech firm after heading up chipmaker ARM’s board prior to its £24bn acquisition, will also support the transition as part of his ongoing role as consultant and advisor to the Board.

Chairman of Aston Ventures, Douglas Barrowman described Ve as a ‘sound investment opportunity’ for VC firm and its consortium partners.

He said: “Ve is close to achieving all the performance objectives that will ensure it remains one of the UK’s flagship technology start-ups.

“A sound capital structure will be injected going forward to enable this special company to achieve its full potential. Backed by us and under the leadership of Morten, a gifted operator with experience of working in a multi-billion dollar NASDAQ-listed technology company we believe Ve will enter the UK’s tech Hall of Fame.”