National investment group Mercia Technologies PLC is pleased to announce a £1.5million follow-on investment into its direct investment, Voxpopme, to support the further scaling of the business as it is set to double its revenues this year.
This investment will support the expansion of Voxpopme’s technical and commercial teams with new hires in its offices across the UK, US and Australia, enabling the company to execute on its ambitious growth plans.
Birmingham-based Voxpopme provides innovative video insight and analytics technology to the market research and customer experience markets. Founded in 2013 by Dave Carruthers, Andrew Barraclough and Tom Williams, it has continued to grow its impressive client base with blue-chip customers including Microsoft, Accenture and Verizon. The business has also secured partnership agreements and carried out technical integrations with six leading market research platforms to offer video capture and analytics capabilities to an even greater number of customers.
Mercia first invested in Voxpopme through its EIS funds in October 2017 and made its first direct investment in March 2018. Since then, the company has demonstrated strong business growth and has launched its VideoCX product - extending its reach from the market research space into the burgeoning customer experience market - valued at $6.0billion in 2017 and projected to grow to $17.0billion by 2022, a CAGR of 23%, according to Markets and Markets. The business predicts continued strong revenue growth in the market research sector and expects its VideoCX product to see broad adoption.
It has recently appointed US-based Jon Carbone as vice president of VideoCX and has secured the first customers for the product within three months of launch.
CEO of Voxpopme, Dave Carruthers, said: “We’re delighted to receive further investment from Mercia Technologies. Their continued support is enabling us to scale our team, push the boundaries of video technology even further and, most importantly, delight our clients with enterprise level solutions. The ever-increasing appetite for video feedback within the world’s leading brands and consumers’ growing affinity for sharing their thoughts via video sets the perfect stage for our next phase of growth. With Mercia’s backing, we anticipate the adoption of agile video feedback to pick up even more pace over the next 12 months.”
Alistair Forbes, Head of Software & the Internet at Mercia, said: “We are pleased to extend our commitment to Voxpopme as it continues to demonstrate impressive growth by recruiting more talent within the team and building its first-class roster of international clients. Dave and the team have shown exceptional dedication and we believe that Voxpopme is well positioned to become the industry standard for video analytics, and to deliver outstanding results for its customers in both market research and customer experience applications.”
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