Imagestate Media (United Kingdom) - Oct 2007

unquote
01 October 2007

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In a series-A round of funding, Beringea Ltd has invested £2m from its ProVen VCT and ProVen Growth and Income VCT into image licensing company Imagestate Media and taken a significant minority stake in the business. The deal originated following a direct approach by Imagestate, which was aware of the investor’s track record of backing media-related investments. Beringea was attracted to the company due to the applicability of the business to the rapidly expanding internet advertising market and the various opportunities for growth this offers. The new capital will be used to expand Imagestate’s digital content base, as well as to extend the offering into motion and other rich media content, with a new section of the website dedicated to this due to launch in the coming weeks. The investors will also consider possible acquisition opportunities that would enable Imagestate to expand more directly into internet advertising.

Company

Imagestate Media was established in 2006 by Sheldon Marshall through the merger of AIM-listed Imagestate, a business he originally co-founded, and Heritage Partners, for which he was CEO at the time. The merged entity has a catalogue of more than one million digitally available stock images and specialist image collections offered through the company’s website and a global network of agents operating in 70 countries. Imagestate is based in London and currently employs around 20 staff.

People

Jeff Bocan and Trevor Hope led the investment for Beringea and will join the Imagestate board. Sheldon Marshall is the founder and CEO of the company.

Advisers

Equity - Hurst Morrison Thompson, Andrew Thomson (Financial Due Diligence)Equity - Speechly Bircham, (Legal)

Sourced from: unquote unquote" 356 (Nov 2007)