Manchester-headquartered web hosting firm Miss Group has been awarded a £14 million follow-on investment from the British Growth Fund (BGF).
The business, which offers services including web hosting, domain registration and VPS to SMEs, was awarded the investment to support its international acquisition strategy.
The deal brings BGF’s total investment into Miss Group to £19m, which the group hopes will continue to support its growth.
Miss Group has projected sales of £21m for the financial year 2019-20.
Mattias Kaneteg, Miss Group founder and CEO, said: “We have ambitious plans for growth and a strategy to add additional complementary acquisitions to our stable.
“We believe there’s still significant growth potential to expand into new markets, which we’re able to do with the funding and support provided by BGF.”
The BGF’s initial investment into Miss Group in August 2018 enabled it to acquire website building firms Hemsida24 and Heymo to grow its reach across Scandinavia.
The deal added 14,000 customers and €1m earnings before tax to the business.
The company also acquired web hosting company FS Data in March 2019, which brought 30,000 more customers to the business and £1.5m earnings before interest and tax.
BGF investor Pinesh Mehta, who sits on the Miss Group board, said: “Mattias and Miss Group’s track record speaks for itself.
“The team knows the market and its SME customers inside out.
“With offices already spanning the UK, US, India, Bulgaria and Scandinavia, we look forward to supporting further growth by expanding the business’s already impressive global footprint.”
Independent investment company BGF, set up in 2013, has £2.5bn to invest in SMEs in the UK and an additional €250m to support Irish businesses.
BGF has invested more than £1.9bn in over 275 companies since its inception.
