Discount platform secures backing for US growth
Summary
An Altrincham-headquartered digital discounts platform has secured significant investment to accelerate international growth.Digital Rewards Group (DRG), a closed user group discount provider, which operates platforms such as Kids Pass, Global Hotel Pass and DaysOut.com, has received funding from Maven Capital Partners through its new Management Buyout Fund II.Bosses say the cash will support DRGs expansion into the US, as well as enhance its technology, data and product capabilities.As part of the deal, Gautam Sahgal, former chief executive of PerkBox, and Andrew Gunson have joined DRGs board as non-executive chairman and chief financial officer, respectively.The firm also has plans to further strengthen its leadership team, including the recruitment of a new head of retention and head of partnerships.Andrew Kilmartin, group chief executive at Digital Rewards Group, said: We are excited to have brought Maven on board for the next stage of our growth journey.We worked closely with our financial advisers to choose an investor with a common set of values and experience of helping high growth digital businesses accelerate their growth plans, particularly with our expansion internationally.We have ambitious plans for this next phase and look forward to delivering our objectives alongside the Maven team.The investment was led by Ryan Bevington and Jeremy Thompson, partners in Mavens Manchester office, with ThinCats providing senior debt funding for the transaction alongside the Maven investment.Ryan added: We are delighted to have completed our investment into Digital Rewards Group, a fast growing, highly scalable, technology-driven business.The company operates in a resilient market with a large addressable audience and clear international expansion potential.Were looking forward to working in partnership with Andy, Dave and the wider team who have developed Digital Rewards Group to a market-leading position and laid excellent foundations for its future growth.Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help