Dow Schofield Watts’ technology team advised on the £5.5m fundraising by the Manchester-based Hello Soda, the global text and big data analytics service.
NVM Private Equity has invested £4m in the business alongside an additional £1.5 million venture debt facility from Clydesdale and Yorkshire Bank’s Growth Finance team. The investment will enable the company to continue its global growth plans and raise the profile of its unique and high-tech offerings.
Hello Soda, which also has offices in the US and Thailand, provides advanced text analytics software solutions to customers across six continents to help them make more informed decisions on verifying identities, reducing fraud, and personalising the user experience.
Led by highly-experienced CEO James Blake, the business has grown rapidly since its launch in 2013.
David Smith, Peter Barkley and Keith Benson from the Dow Schofield Watts tech team worked closely with the company on its fundraising plans and created an innovative deal structure to secure the investment.
David Smith, who leads the tech team, said: “Hello Soda’s product is the most advanced and insightful of any in its sector. This investment will help James and his team to establish the business as a global leader in its field.
“The proposition attracted keen interest from investors across the globe. The challenge was to find one that was exactly the right match for the company’s requirements with a structure which worked for all stakeholders. The Dow Schofield Watts tech team worked closely with the other parties to develop a solution that provided a win-win for all involved. This is another great Northern tech deal for a great Northern tech company.”
Founder and CEO of Hello Soda, James Blake, said: “NVM are a great cultural fit for us and it’s fantastic to work with a team that truly share our values and vision of a more inclusive digital world. Working with NVM will enable us to really ramp up our global growth to better support our existing and prospective clients and we’re very excited to see the impact that our innovations will have.”