Bath-based MyLife Digital gets £5.7m for international expansion
Bath-based MyLife Digital, a privacy tech and data analytics company, has raised £5.7m in funding.
BGF added £3m of funding to its initial £2m investment, which was made in 2016.
The startup also raised £2.7m in venture debt from Barclays.
MyLife Digital will use the cash to roll out its personal data management platform internationally.
The startup provides an enterprise Software-as-a-Service (SaaS) in a bid to help organisations manage the challenges around personal data, enabling them to build greater trust and engagement through data transparency with the individuals they serve.
Bruce Finnamore, Chairman of MyLife Digital, commented: “We have built on the initial investment by BGF and the Founders to grow from a start-up into an established company. With this further funding we now have the capital to accomplish our international ambitions and grow MyLife Digital to £120m turnover within three years.
“The latest investment will enable us to pursue our mission by further enhancing the capability of the Consentric platform, and to extend our partner footprint and client reach globally. Our aim is to be the world’s leading company in providing a trusted, safe and secure platform for personal data.”
James Austin from BGF and board director of MyLife Digital went on to note: “Our additional investment demonstrates our confidence in MyLife Digital as an exciting technology company in the personal data management space. They have already grown quickly through the capital provided with the initial funding. This new investment enables them to accelerate their growth into international markets, through multinational clients and further international partners.”
The Barclays loan will be backed by a guarantee from the European Investment Fund (“EIF”) and has been enabled by the InnovFin initiative with financial backing from the EU’s Horizon 2020 programme.
Juliet Rogan, head of high growth and entrepreneurs at Barclays, concluded: “Barclays is excited to support MyLife Digital’s ambitions to be the world leader in personal data management and privacy. Barclays is the only bank to have a national High Growth & Entrepreneurs team and the venture debt facility provided reflects both the potential of MyLife Digital’s innovative business model and the strength of the management team. It also demonstrates Barclays’ commitment to backing high growth, innovative companies both in the South West and across the UK.”