Dow Schofield Watts’ technology advised on a GBP5.5 million fundraising by Manchester-based Hello Soda, a global text and big data analytics service.
NVM Private Equity has invested GBP4 million in the business alongside an additional GBP1.5 million venture debt facility from Clydesdale and Yorkshire Bank’s Growth Finance team.
David Smith, Peter Barkley and Keith Benson from the Dow Schofield Watts tech team worked closely with Hello Soda on its fundraising plans and created an innovative deal structure to secure the investment.
David Smith, who leads the tech team, said it was another significant deal for the North’s tech sector, says: “Hello Soda’s product is the most advanced and insightful of any in its sector. This investment will help James and his team to establish the business as a global leader in its field.
“The proposition attracted keen interest from investors across the globe. The challenge was to find one that was exactly the right match for the company’s requirements with a structure which worked for all stakeholders. The Dow Schofield Watts tech team worked closely with the other parties to develop a solution that provided a win-win for all involved. This is another great Northern tech deal for a great Northern tech company.”
