Dog Digital has taken advantage of funds set up under the Enterprise Capital Fund government scheme to net growth capital.
Digital agency Dog Digital has secured a first round of venture capital growth finance in a deal led by Panoramic Growth Equity.
The £1 million transaction will allow Dog Digital to pursue global expansion, according to a statement.
The company provides digital communication services in sectors such as web development and search and display advertising.
Glasgow-headquartered Dog Digital recorded a 2011 turnover of £3.6 million and has, since its foundation in 1996, achieved 20 per cent year-on-year growth. With 53 staff employed, the business is now in the process of opening two new bases in London and Singapore.
The business has clients including Adobe Europe, UEFA, ScottishPower and the NHS.
Gerry McCusker, founder and managing director at Dog Digital, says that the knowledge and experience of Panoramic Growth Equity in its digital communications investment history was ‘pivotal’ to the deal.
‘We were not actively looking for growth capital when we met the team at Panoramic,’ he adds.
‘But we soon realised that a funding boost combined with their expertise and track record could help us really ramp up our growth ambitions.’
The deal with Dog Digital follows on from Panoramic’s £1 million investment into Concorde Solutions in November 2011.
Malcolm Kpedekpo, investment partner at Panoramic, comments, ‘The team are highly experienced and respected in the industry and we look forward to contributing to work with them to achieve their full potential.’