BGF backs growth at drinks software firm MRM Global
Teaming up: Craig Letton with Euan Baxter
BGF has invested £2.6 million in Edinburgh-based MRM Global, a high growth provider of marketing technology to the global drinks and hospitality sector.
MRM’s technology platform enables global drinks manufacturers and wholesalers to measure the level of marketing support they provide to their independent hospitality and retail customers.
In the last three years, MRM has expanded to more than 30 countries and works with world-leading spirits and beer brands.
The investment will be used to fund further international growth with a focus on expanding MRM’s presence in North America where the business is seeing strong traction due to the disruptive nature of its technology.
In response, MRM will recruit a local team in the US to support its customers, develop new business and expand its print partner network.
The business will also invest in the development of its technology platform with plans to triple the size of its Edinburgh based software engineering team to accelerate the product roadmap.
This includes the further development of a module which was launched during the Coronavirus pandemic to help hospitality outlets adapt to the new trading environment.
Craig Letton, chief executive of MRM Global, said: “We realised that if we really wanted to achieve our vision of supporting as many customers as possible, we needed to take on growth capital.”
Euan Baxter, an investor at BGF who joins the board of MRM Global, said: “This partnership has provided us with a fantastic opportunity to back a disruptive and high-growth technology business that is changing the way global drinks brands drive visibility at the point of purchase.
“Despite the hospitality sector being negatively impacted by Covid-19, we are committed to backing companies in this space that have market-leading solutions and a clear opportunity to drive shareholder value.
MRM Global has also appointed Andy Fennell as non-executive chairman. He has a wealth of industry experience including 18 years at Diageo where he was president of Smirnoff, Global Chief Marketing Officer and, latterly, president of Diageo Africa.
He has spent the last five years supporting founder led businesses, including as non-executive chair of another BGF investment, Off Piste Wines.
The deal, delivered from BGF’s Edinburgh office is its third new investment since lockdown began and follows another recent high-profile announcement, which saw the team invest £2.7m into Stirling-based business The Paint Shed.
The advisors to the MRM Global transaction were:
BGF: Burness Paull.
MRM Global: MBM Commercial, Alan Watt from Reference Point Advisory.