VCT News
ProVen VCTs Invest in Steak Media
5 September 2007 - London - Beringea Ltd, manager of the ProVen VCTs has announced a round of expansion capital funding to expert digital marketing agency Steak Media. Steak Media is the UK's 2nd largest independent search agency, developing search, affiliate marketing, display advertising, and other innovative digital strategies to enhance clients' marketing communications. Clients include a broad range of blue chip clients, including British Gas, JJB Sports, FCUK, Enjoy England and Time Out.
The Company has attracted a good deal of attention in the digital marketing press, achieving a high level of growth and an impressive market share in its first two years of trading. Steak's turnover grew from £3.7M (2006) to £14.5M (2007), an increase of 392%. Steak is currently shortlisted for 'Agency of the Year' for the upcoming Marketing Week Effectiveness Awards. Company founder and Director of Strategy, Duncan Parry is shortlisted as a finalist for the Young Entrepreneur of the Year (Start Ups Awards 07, announced October) and CEO Oliver Bishop was voted one of the 'Young Guns 2006' by Growing Business for Entrepreneurs magazine (September 2006).
Beringea and the ProVen VCTs have a strong relationship with Steak Media's management team: Oliver Bishop, CEO; Tony Samios, COO; Julian Walker, Sales Director; and Duncan Parry, Director of Strategy. The team were former employees of Espotting Ltd, a previous successful investment of ProVen VCT. Espotting founder Seb Bishop now serves as Steak Media's chairman.
ProVen VCT and ProVen Growth & Income VCT have enjoyed success in the digital marketing arena, with digital agency 'i-Level' proving to be one of the VCTs' top performing investments. Beringea anticipates being able to leverage its contacts and experience in this area to help Steak continue its impressive growth record.
The deal was led by Beringea director Jeff Bocan, who commented: "We are excited to once again be partners with Steak's excellent management team, who have achieved stellar entrepreneurial growth in what we expect to remain a rapidly growing market. Leveraging their core expertise in search marketing, Steak has fantastic momentum in ramping up their client base -- Beringea is providing expansion capital to help fund Steak's ability to provide the most outstanding services to their clients and to enable the company to continue its exceptional growth."
Steak Media CEO, Oliver Bishop commented: "After much interest from various VC firms we are delighted to welcome Beringea as investors in Steak Media. Having previously worked with them at Espotting, their corporate and commercial experience of the media sector will help Steak Media broaden its horizons. We decided to take our first round of funding at this time because of our strong market position and enormous potential. With this funding we can continue to develop the company, service our clients to the highest of standards and accelerate our growth strategy."
Advisors
Equity: Wragge & Co. – Jon Tilley, Sarah Wolf, and Ian Piggin (Legal)
BDO Stoy Hayward – Graham Smith (Financial Due Diligence)
Management: Matthew Arnold & Baldwin – Craig Harrison (Legal)
Cooper Murray – Jeffrey Cooper (Financial)
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.