£1M Boost for Award-Winning Independent Digital Agency
Independent venture capital firm, Panoramic Growth Equity (PGE), has committed £1m to digital communications agency Dog Digital Limited to help fuel global expansion plans.
Malcolm Kpedekpo, partner at PGE, said: “We are delighted to have completed this investment in Dog Digital. Dog Digital is an exciting digital agency and we believe that it is well placed in a high-growth sector to take advantage both domestically and internationally.”
Since its establishment in 1996, Dog Digital has experienced 20% YOY growth with 2011 turnover reaching £3.6m. Currently employing 53 staff from its headquarters in Glasgow, Dog will use the equity finance to broaden its service spectrum and leverage new routes to market. The independent agency is in the process of opening offices in London and Singapore, a move which will see the creation of 15 new jobs in Glasgow and more abroad. These new locations have been brought about by some significant client wins, as a result of Dog’s social media work.
Founder Director of Dog Digital, Gerry McCusker, said that PGE’s knowledge of and investment experience in digital communications were pivotal in the transaction. PGE’s founders had previously invested in global marketing agency, Iris Nation, and its ex chairman, Drew Thomson, sits on PGE’s advisory board.
“We were not actively looking for growth capital when we met the team at Panoramic,” Gerry commented, “but we soon realised that a funding boost combined with their expertise and track record could help us really ramp up our growth ambitions. From the off, Malcolm and Drew were completely in tune with what we wanted to achieve for our business, and were careful in this process to not lose sight of the culture and values that we have worked hard to create. That was hugely significant in the deal conclusion.”
An award-winning digital communications agency, Dog Digital specialises across the digital communcations spectrum from major web development to social, search & display advertising. Their client list has ranged from major blue-chip organisations, mid-market corporate companies and high-profile consumer brands, such as Adobe Europe, UEFA, ScottishPower, Scottish Enterprise and DF Concerts. Dog has also developed the websites of a number of asset management houses in Scotland including Baillie Gifford and SWIP.
Malcolm added: “The team are highly experienced and respected in the industry and we look forward to continuing to work with them to achieve their full potential.”
The deal follows PGE’s £1m investment in November 2011 to triple-digit growth software asset management company Concorde Solutions.
At £34m, the Panoramic ECF 1 remains the largest Fund granted since the Government-backed scheme launched in 2006 and is still the only Fund that has been awarded to a Scottish VC firm.
The Fund, which will make individual investments between £0.5m and £2m, was established to help meet the increasing demand by SMEs for growth capital, at a time when supply in the equity gap has come under considerable pressure.
PGE’s senior team of Stephen Campbell, David Wilson and Malcolm Kpedekpo has over 40 years’ VC experience, primarily focussing on the SME market in the UK.