Perfect Channel has secured growth funding from Beringea, which manages the ProVen Venture Capital Trusts. The investment will be used to build the senior management team, to launch in the US and to expand the development team.
Perfect Channel, a leading cloud-based enterprise auction platform, has secured growth funding of £2 million from Beringea, which manages the ProVen Venture Capital Trusts. The investment will be used to build the senior management team, to launch in the U.S. and to expand the development team.
Perfect Channel combines sophisticated auction theory with robust technology to create identifiable uplift in value for its clients. Perfect Channel provides an end-to-end auction solution for businesses, with services across auction design, auction management and post-auction analytics. Its platform is designed for scale, managing up to 60,000 simultaneous bidders, across a variety of different verticals on a global basis.
Perfect Channel already has a strong roster of clients including Christie’s, Lloyd’s of London and LeasePlan, across the UK, U.S. and Europe.
Rob Hodgkinson, Investment Manager at Beringea, who will join the Perfect Channel board, commented: “Perfect Channel has built the next generation of enterprise auction platforms. The management team, combining exceptional auction expertise with outstanding technical ability, has driven impressive growth to date. We are delighted to support the rapid development of this business.”
Phil Bird, CEO of Perfect Channel, added: “This investment will further accelerate the performance of our thriving business. We now have the additional resources to increase the speed of our roll out to the U.S., to expand the senior management team, and to continue our technical development. We look forward to providing transparent pricing to a broader range of assets through our sophisticated auction platform.”
Beringea is an international growth capital firm with offices in London and Detroit which invests in high growth companies. Beringea’s London office manages a number of funds, including the ProVen VCTs. Beringea is a generalist investor with sector expertise in Media, Healthcare and Retail. Beringea‘s previous investments have included Fjordnet, Espresso Education, Saffron Digital and Mergermarket. Beringea LLP is authorised and regulated by the Financial Conduct Authority. www.beringea.com
About the ProVen VCTs
The ProVen VCTs (ProVen VCT, ProVen Growth & Income VCT and ProVen Planned Exit VCT) are funds raised under the government’s Venture Capital Trust scheme for supporting UK SMEs with equity investment. The original Ordinary share issues of ProVen VCT and ProVen Growth & Income VCT have generated higher Total Returns to investors than any other VCT share issues in their respective launch years, according to www.taxefficientreview.com.