James Blake, CEO at Hello Soda
NVM Private Equity (NVM) has invested £4m in Manchester-based text and big data analytics business, Hello Soda.
Having achieved strong sales growth in the last year, this investment will enable the company to continue with its global expansion plans and raise its profile.
The transaction is being jointly funded by NVM Private Equity alongside an additional £1.5m venture debt facility from Clydesdale and Yorkshire Bank’s Growth Finance team.
The company, which also has offices in both the US and Thailand, specialises in providing advanced text analytics software solutions to customers across six continents. Its multilingual software solutions work to increase access for consumers in the digital age through deriving unique, real-time data insight to make more informed decisions on verifying identities, reducing fraud, and personalising the user experience.
Led by CEO James Blake, the business has grown rapidly since its launch in 2013 and currently has customers operating in countries as widely spread as the UK, USA, Mexico, Australia, Spain and South Africa.
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."
Liam May, Investment Manager of NVM Private Equity said: “Hello Soda already has a strong market position and great growth potential across a number of sectors and geographies. With the capital to pursue its ambitions now in place, combined with leading, innovative technology and a young, entrepreneurial management team, this is an extremely exciting time for the business.”
Nick Edgar, Growth Finance Senior Director, at Clydesdale and Yorkshire Banks, said: “We are committed to supporting the economic growth of businesses across the North of England and working with customers to take advantage of the investment opportunities that the Northern Powerhouse is offering. A unique FinTech proposition providing customers with a wide range of data insight, Hello Soda is in an excellent position to continue its global growth in this emerging digital space.”
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