The Manchester-based company MirrorWeb has secured a significant $63 million equity investment.
- MirrorWeb focuses on digital archiving and surveillance, primarily serving financial services.
- This investment comes from Mainsail Partners, a Texas-based firm.
- The funding will aid MirrorWeb’s expansion efforts both within the UK and the US.
- The investment reflects MirrorWeb’s innovative approach to compliance in a multi-channel communication landscape.
MirrorWeb, a digital archiving and surveillance specialist from Manchester, has successfully secured a significant $63 million equity investment from Texas-based Mainsail Partners. This substantial investment aims to bolster MirrorWeb’s growth trajectory within the UK and US markets, providing a robust platform for its expansion plans.
Founded in 2016, MirrorWeb specialises in communications supervision software, serving financial services, governmental bodies, and other regulated sectors globally. Its platform, Insight, enables organisations to capture, archive, and monitor communications across various channels such as websites, emails, and instant messaging, ensuring regulatory compliance.
David Clee, the co-founder and CEO of MirrorWeb, emphasized the critical focus regulators have on maintaining the integrity of financial markets. He acknowledged that Mainsail’s operational expertise and financial backing are pivotal in supporting financial institutions to meet their compliance needs amidst evolving regulatory landscapes.
The investment deal includes key appointments to the MirrorWeb board by Mainsail Partners, with David Farsai and Garret Jackson joining the leadership team alongside Romir Bosu, CEO of Nadavon Capital Partners. Farsai highlighted MirrorWeb’s robust, user-friendly SaaS platform, recognising its contribution towards enhancing compliance management amidst the growing communication channels.
Furthermore, the investment allowed Maven Equity Finance to realise a significant portion of its investment, yielding a 5.1x return on cost, testifying to the financial success facilitated by MirrorWeb’s innovative products and market strategies.
Jeremy Thompson, a partner at Maven, acknowledged the proficiency and ambition of MirrorWeb’s management, led by David Clee. Thompson noted the strategic decision for Clee to relocate to Austin, Texas, as a testament to his entrepreneurial drive and commitment towards the US market expansion.
MirrorWeb’s $63 million funding marks a significant milestone in its pursuit of growth and compliance innovation.
