A technology company is to open an office in Texas and create jobs following a £1m investment.
MirrorWeb has received the additional funding from Maven Capital Partners, which first backed the company in 2018 through NPIF Maven Equity Finance, part of the Northern Powerhouse Investment Fund. The Maven VCTs subsequently invested further in the business in 2020.
The company is a cloud-based SaaS platform that enables organisations to capture, archive and monitor website and social media content for digital oversight and regulatory compliance.
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Its clients include the US Library of Congress, Standard Life, Zurich, AXA, Invesco, HSBC and the BBC.
MirrorWeb chief executive David Clee said: "With Maven’s support MirrorWeb has been able to win clients of all sizes in the very competitive US market.
"The solutions we have developed and the services we provide are allowing us to disrupt a highly regulated market that has been dominated by a small group of companies for too long.
"With Maven’s support we have now been able to open an office in Austin and will have boots on the ground in the US from early June.
"This office will enable us to service clients from sun rise on the east coast to sun set on the west coast. We are very excited about the next phase of our growth."
Jeremy Thompson, investment director at Maven, added: "In the four years we have worked with the senior management team at MirrorWeb we have been impressed by their ambition, the progress they have made in growing revenues, and the traction the company’s novel technology has had within the market.
"MirrorWeb is well positioned to continue that growth, capitalising on the rising demand from organisations to have secure digital records of all electronic communications to meet their compliance and regulatory obligations.
"We are delighted to be providing the follow-on capital MirrorWeb requires to support its expansion into the lucrative US market."
