London-based Smedvig has previously backed British businesses including vehicle rental business Smartcar, advertising company Ocean Outdoor and conveyancing providers MyMoveHome.

Founded in 2003 and headquartered in London, The Smart Cube provides research and analysis to customers to blue chip clients, entrepreneurs and start-ups. The growth capital is to be used to expand its sales force in new areas as well as investments in new products and services.

Gautam Singh, chief executive officer of The Smart Cube, says that despite the recession the business has still managed to achieve ‘very rapid growth’.

Singh adds: ‘We only wanted to bring in a partner if we felt they could clearly help us to accelerate our growth plans and believe we have found such a partner.’

The total global KPO market is estimated to be at £7 billion and is growing at a rate of 15-20 per cent per year, according to a statement released by Smedvig Capital. The private equity firm says that faster growth is expected in the ‘emerging premium’ sector in which The Smart Cube operates in.

Smedvig Capital chief executive officer, John Hewett, comments: ‘It is exciting to partner with a disruptive new leader in any industry space, but to do so in such a large market as KPO is particularly exciting.’

Private equity firm Smedvig Capital has a strategy of investing £2-15 million in growth businesses across all sectors, but says it only ‘very occasionally’ invests in start-ups.

Accountancy firm Baker Tilly advised The Smart Cube on the growth investment.