Ph.Creative has netted a £500,000 equity investment from fund manager Enterprise Ventures through The North West Fund for Venture Capital.
The marketing agency has put in place a strategy to expand staff headcount from 24 to 40 by the end of the year and build on a client roster which includes Nationwide, Michelin and MasterCard. It provides SEO, CRO, web design and smartphone app development consultation.
The company is accredited by Google and is the official Google North West partner for its Getting British Business Online project, which aims to help businesses that are not using digital media effectively.
As part of the deal, Steve Turnock has been installed as the company’s new non-executive chairman. According to Enterprise Ventures, Turnock has been involved with two private equity-backed businesses during his career, TrainStation and Practice Plan.
The North West Fund for Venture Capital is part of The North West Fund, which is provided jointly by the European Regional Development Fund and the European Investment Bank.
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Bryan Adams, founder and managing director of Ph.Creative, says that it felt like the right time for the business to be seeking investment.
‘We’ve made headway in attracting and retaining both national and international clients over the last 12 months but the new team members will help to further strengthen the depth and understanding within the agency, enabling us to deliver more on these big projects.
The deal is the second that the Venture Capital division of The North West Fund has closed in 2013. Earlier in February, it injected £500,000 into Manchester-based freight container security business Loksys Solutions.
Will Clark, investment director at Enterprise Ventures and lead on the deal, comments, ‘Ph.Creative is a young, fast-growing company with an impressive client base and a track record for implementing projects in a smooth and efficient manner.
‘This investment will support the company’s growth plans and help create high-value jobs at a time when funding for small firms is extremely difficult to find.’