12th November 2021
Manchester-based SaaS company Pimberly has completed a £4.25m funding round to expand into the US market and accelerate growth in the UK. Mercia Assest Management has committed £1.375m alongside a £2.875m investment by the Mercia managed Northern VCTs. Mercia will now hold a 5.6% stake in Pimberly, with the Northern VCTs holding a further 11.7%.
Pimberly is a leading product information management platform that helps retailers, distributors and manufacturers increase sales by enabling users to harness and enrich the increasing volumes of product data across multiple channels and regions. Pimberly’s customers already include the likes of Ellis Brigham, JD Sport and Monsoon.
This is the first direct investment from Mercia, after an initial round of third-party funding through the Northern Powerhouse Investment Fund in 2018.
Mark Payton, Chief Executive Officer of Mercia, commented: “Pimberly is an exemplar of a regional business that can and will excel when provided with the flexible funding needed for its immediate needs. Equally, the complete connected capital will be necessary for all stages of its growth.
“In addition to our bespoke investment solutions, Mercia’s extensive regional networks and deep sector expertise ensures the sustainability of these SMEs that are increasingly playing a critical role in the growth of the UK’s domestic economy. We look forward to our continued relationship with Pimberly and its management team on this exciting journey as it further scales both domestically and in international markets.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Enterprise Ventures Limited is authorised and regulated by the Financial Conduct Authority (FRN: 183363). EV Business Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN: 443560).
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