RatedPeople.com, a UK-based online marketplace for local tradesmen, has closed a £6.5m pre-IPO investment round.
The pre-IPO round comprises of £5.5m of new equity investment co-led by RatedPeople.com’s existing backer Frog Capital, along with £1m of venture debt from Silicon Valley-based Western Technology Investment.
Since 2011, when growth investor Frog first invested, the business has doubled its revenues to £12m in 2013. The new capital will be invested in product and technology development, it said.
Mike Reid, managing partner, Frog Capital, said, “RatedPeople.com’s strong market position is founded on a blend of exceptional management talent, depth of mobile & web insight and its passion for customer service. Their strategic position within the social media, mobile and local search market is developing rapidly. RatedPeople.com is an up-and-coming category leader much like Rightmove.”
In conjunction with the pre-IPO investment round, the company has also announced the appointment of Keith Roberts, the former CFO of FTSE-100 international oil and gas facilities service provider, Petrofac, to the board as senior non-executive director.
Western Technology Investment is a Silicon Valley based venture debt firm which invests globally in a wide range of technology and life science companies ranging from seed-stage start-ups to publicly-held companies. Investments include Facebook, Google, Ablation Frontiers, Brocade Communications, Cameron Health, Cerent, The Climate Corporation, IDEC Pharmaceuticals, InvenSense, IronPort Systems, Juniper Networks, Neutral Tandem, Postini and Youku.
Originally launched as the growth investment arm of a European family office, Frog is currently seeking to raise its first institutional fund.
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