At Igloo HQ, we’re ever-so-happy to announce that, despite the continued challenges of the COVID-19 pandemic, the company has raised a further £787,000 in an equity investment round under the UK Government’s Enterprise Investment Scheme (EIS).
This latest investment was secured in its entirety from London-based Ingenious Group, a leading investment company specialising in the media, infrastructure, real estate and education sectors. Its other investments include stakes in cloud-based digital platform design pioneers, an ed-tech start-up, and an energy company facilitating the transition to a low-carbon future.
What we’re particularly pleased by is that this is our second investment round since the onset of the pandemic, and represents an annualised 12% increase in the valuation of the company.
This injection of funds will help us to further the production of our Immersive Media Player (affectionately known as the Igloo IMP) and continue to build out our already broad software suite. Early buyers of the IMP include global management consultancy heavyweights, one of the world’s largest logistics firms, and major North American utilities players.
Three of Igloo Vision's directors inside an immersive workspace, from left to right we have Dennis Wright (CEO), Colin Yellowley (Managing Director) and Pippa Halliday (Commercial Director)
Igloo CEO, Dennis Wright, said, “This latest investment, along with the ongoing increase in the valuation of Igloo, is a reflection of the significant progress we’ve made, irrespective of a global pandemic and recession. Sales have remained buoyant and we have been able to penetrate new geographies, with Igloo technology now used in 39 countries.”
And Neil Forster, Chief Executive Officer at Ingenious, said, “In the current environment, it is the companies that effectively support collaboration and communication between multi-locational teams that will thrive. Igloo Vision is certainly one of those companies as is demonstrated by their extensive client list which includes some of the world’s leading brands, software companies, and utilities.
“The deal aligns strongly with our investment strategy and we are looking forward to working closely with Dennis and his team.”
As a company, we’re still eligible for EIS funding until 31st March 2021 and open to hearing from other potential EIS investors who want to be part of the Igloo success story.
If you’re such an investor, do check out our Investor Relations to learn more.
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