VCT News
Beringea leads £2.2m investment in i-level
16 November 2005 - Beringea Ltd., the international private equity firm, announced today that it has led a £2.2 million investment round in i-level, Europe's largest independent online media buyer. Beringea's ProVen VCT and ProVen Growth & Income VCT have invested in the London-based company along with syndicate partner Chrysalis VCT.
Established in 1999, i-level has grown to be Europe's largest privately owned digital advertising agency, with annual revenues approaching £50 million. A true specialist firm, focusing solely on digital communications, the company provides clients such as Sky and Orange with media planning and buying on the internet, email and mobile devices. i-level Group also includes Generator Consulting, a successful digital management consultancy business.
i-level has won numerous industry awards including the IMA's "Media Agency of the Year", which was announced last week. It has also been shortlisted for "Media Agency of the Year" by the advertising, marketing and media magazine Campaign.
Trevor Hope, Investment Director at Beringea commented: "Digital communications, including online advertising, is undergoing huge growth as we move to a world where advertising is on demand. Corporates are increasingly looking for specialist help to assist them in managing their brand and sales online. With the most experienced management team in the market, i-level is simply the best at what they do. Beringea is very pleased to provide funding to help enable the company to continue its exceptional growth."
The internet's increasing importance in terms of advertising is confirmed by other industry experts. Figures from the Interactive Advertising Bureau (IAB), Pricewaterhouse Coopers LLP (PwC) and the World Advertising Centre (WARC) reveal that online adspend in the UK topped £653.3 million in 2004, compared to £407.8 million in 2003, an increase of 60% year on year.
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.