"VCT funding simply makes it possible for many new ventures to get off the ground and build out from concept stage to commercial viability."
Mark Popkiewicz, CEO
Mirriad is the developer of technology that aims to address the advertising industry’s problem of viewers skipping commercial breaks. Using 21 individual algorithms, the company’s software inserts advertisers’ logos and branding into finished video footage, so that the viewer’s experience is not interrupted and the advertisers’ messages are seamlessly integrated into the content they want to see.
The company had acquired a few significant clients, but needed a more strategic approach to expanding its customer base as well as the cash to ramp up its sales and marketing efforts. Attracting the right staff was also crucial to delivering the company’s innovative technology to the advertising industry.
How VCTs helped
David Glick, CEO of Edge Investment Management, was instrumental in securing an investment of £3.6m in Mirriad in 2013, which introduced Asian television producer and broadcaster Zee as a shareholder. This was followed by a further fundraising for the company in September 2014, in which the Edge Performance VCT participated. This second round raised £1.5m.
In addition to the cash, the team at Edge helped Mirriad win a key client, Universal Music Group. UMG is the world’s largest producer of music videos, which according to Mirriad represent half of all videos viewed online.
Mirriad has now established a presence in several high-growth markets such as India, Indonesia, Australia, Singapore, Brazil, Mexico and the US. This has been an important factor in winning clients like Havas, one of the top five global advertising agencies.
The company acknowledges that it would not have achieved this position without VCT funding, which it says ‘fills a very important hole in the UK market’ for business finance.