Bristol MarTech targets £200m valuation after fundraise.
Marketing tech business Narwhal Media Group has raised £1.2 million.
The group, which is valued at £18.2m by the funding round, operates a number of technology-led businesses. The main subsidiaries are upUgo, a digital marketing agency providing services including SEO; Lasso Leads, a data analytics & lead generation business; and GoRank, a whitelabel marketing product for businesses.
Each of the subsidiaries are seeing month-on-month top line growth with business models built on recurring revenues. In addition NMG holds investments in a range of disruptive direct-to-consumer businesses and innovative startups including those in cryptocurrency, NFT marketplaces, dark web monitoring and more.
Investors in the round included Robin Saunders from Clearbrook Capital, Elio Leoni Sketi from LSG Holdings and Bodil Blain the founder of CRU Kafe.
The proceeds of the pre-Series A fundraise will be used to expand NMG’s sales function, continued investment in software R&D and to provide working capital for the groups continued expansion. NMG expects to raise further funds later in 2022, and is targeting a £200m valuation by 2024.
“Narwhal can offer premium, disruptive solutions to any company that needs to improve its digital marketing and drive sales. We work with both some of the country’s and the world’s biggest brands, and with ambitious start-ups looking to scale rapidly,” said Luke Sartain, CEO and founder.
“This investment round will allow each of our businesses to push on to the next level of growth and so further realise the value in NMG and our IP.
“We are unashamedly ambitious about setting targets at NMG – our aspiration is to become the most innovative marketing tech business in the world, operating a stable of best in class companies.”