Maven invests £2.5m in Precursive

The firm drew equity from its VCT funds.

Maven used a revenue multiple to value the company, as it is not yet EBITDA-positive.

Maven investment director Julie Glenny said: "The coronavirus crisis did not affect the negotiations substantially. We asked them to provide a list of coronavirus impacts and a financial forecast, but the team all work and there hasn't been a big change to their business model."

Glenny will join the company's board.

The all-equity investment will go towards a growth strategy in both the UK and the US, as well as further product development and to expand its sales and marketing teams.

Company
Founded in 2011, Precursive is a strategic partner of customer relationship manager Salesforce. The company intends to help businesses in the agency, consulting, technology and professional services sectors to operate more efficiently by automating administrative processes such as resource management, project planning, accounting, forecasting, reporting and client onboarding. Precursive is based in London and operates offices in the US, Spain and Poland. The company employs 20 people and is not currently EBITDA-positive.

People
Maven Capital Partners – Julie Glenny (investment director).

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• Maven Capital Partners
• coronavirus