VCT News
Magiq secures £2m funding to drive sales and marketing push for unique personalised digital marketing service
15th November 2010 - Magiq's parent company Speed-Trap (Holdings) Limited, has raised £2m in venture capital funding from international venture capital firm Beringea LLP and IS Solutions Plc. The funding will enable the company to further develop its on demand digital marketing solution and drive sales via increased investment in sales and marketing.
Magiq provides marketers with easy-to-use, cloud-based, pay-as-you-go, online services that compile and use customers' online behaviour and history to optimize and personalise digital marketing communications to the individual. It helps marketing teams increase conversion rates, improve customer experience and increase customer engagement with the site, brand and products.
The Newbury-based company was founded in 2009, and is part of the Speed-Trap (Holdings) Group, a privately-held independent software vendor of patented technologies that analyse how users interact with on-line applications in real-time.
"E-commerce and online marketing is now firmly established as a key element of a company's ability to grow and create value. Businesses now need to move onto the next level, where they develop deeper, more relevant relationships with their online customers " says Trevor Hope, Chief Investment Officer at Beringea LLP. "Magiq's targeted approach allows companies to build brand loyalty by enhancing their targeting and online relevance at an individual customer level."
"Managing the cascading flow of relevant and timely information from site visitors can mean the difference between a successful and a disastrous online campaign. It is essential that today's businesses demonstrate that they know and understand their customers so that they see all aspects of their company in a positive light and keep them front of mind," says Geoff Shingles CBE, Chairman of Speed-Trap Holdings Limited.
"The team at Magiq has demonstrated the expertise to solve these timely problems in the digital world and has the potential to disrupt the market," Shingles adds.
Commenting on the need for the investment, Juliet Hills, brand manager at Magiq explains, "We have established relationships with some great partners but this investment will enable us to expand this base and find more digital agencies who can exploit Magiq's capabilities as part of their solution portfolio. We are poised to take full advantage of the obvious potential in the market place and thanks to a great team and the investment from Beringea LLP and IS Solutions will be looking to further establish our customer base and brand recognition."
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.