hedgehog lab CEO Sarat Pediredla
Private equity house Maven Capital Partners has completed a £1m investment in Newcastle-based app developer hedgehog lab.
The funding will support hedgehog lab as it grows and allow it to further invest in its sales and marketing function. The company now plans to boost its delivery capabilities and broaden its presence overseas, while also creating additional jobs.
hedgehog lab currently has a sales presence in the UK, US, Denmark and India and delivery teams in the UK and India. It has already worked with large businesses including Thales, The Financial Times, Channel 4, Mitsubishi and Microsoft HoloLens, and hopes to secure more large blue chip clients in future.
Founded in 2007 by CEO Sarat Pediredla and Mark Forster, who between them have nearly 40 years’ experience as software developers, hedgehog lab’s revenues grew 130% last year while staff headcount more than doubled to 98. The company currently employs 120 people.
The investment in hedgehog lab is the second Maven has made in the region since opening offices in Newcastle and Durham earlier this year. Newly established in the North East, Maven provides funding to dynamic, entrepreneurial businesses across the UK.
CEO Sarat Pediredla, said: “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.”