Maven supports growth of design firm with £3m funding
Private equity firm Maven has led a £3m funding round for a Northern guided design platform for kitchen and bathroom retailers.
Manchester design specialist DigitalBridge has secured the investment from the North East-based firm, enabling the creation of 15 new jobs.
The new funding comprises £1.5m from Maven’s Venture Capital Trusts and £1.5m from the NPIF Maven Equity Finance, a regional development fund managed by Maven which forms part of the Northern Powerhouse Investment Fund.
DigitalBridge specialises in technology that guides consumers through the process of creating a bathroom or kitchen from concept to completion, using AI technology and integrating directly into a retailer’s website.
In addition to job creation, the investment will fund DigitalBridge’s international expansion, as the company has plans to move into the US market.
Jeremy Thompson, investment director at Maven, said: “The team at DigitalBridge have developed a market-leading AI product which solves a genuine problem for retailers by better engaging with their customers online.
“The considerable traction they have seen proves they’re enabling retailers to increase conversions, shorten sales cycles and increase order values.
“We are genuinely excited to work with them and support their next stage of growth, as they look to accelerate deployment of the existing product, develop new products and enter new markets, including the US.”
David Levine, CEO at DigitalBridge, added: “We’re excited to partner with Maven to drive DigitalBridge to the next level.
“In addition to the European retailers we are working with, this investment supports our growth into the US market and allows us to deliver on the opportunities we’re already working on.”
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