Lead generation technology company, ROI, has secured a £3m investment from BGF.
The cash will be used to support its growth into 12 cities in the UK and Europe.
The company was founded by 24-year-old entrepreneurs, Robin Kaneteg and Joel Halling in 2018 and allows small businesses to rent a highly optimised website to attract more leads and in doing so boost sales.
“We have put together a detailed plan for the opening of sales offices in 12 major cities in the UK and across Europe to grow our customer base. With our solution, for example, an electrician in Manchester can rank high on web searches by renting an optimised website and generating potential customers exclusively for their business,” said Joel Halling, Co-Founder and Sales Director at ROI.
“We have already experienced outstanding growth as our customers have seen success in generating quality leads from working with ROI. With the investment from BGF, we will continue to invest in our product development and improve the service we offer to our customers as we continue our growth across Europe.”
Based in Manchester, it has recently expanded into Sweden, achieving sales of more than £1m.
“We’ve developed a genuinely innovative approach to an established market which is delivering results for our customers. With BGF’s backing, we can accelerate the roll-out of ROI into new territories and sectors to achieve significant growth,” explained Kaneteg.
“We initiated a funding process at the start of the year and BGF quickly emerged as the best partner for our business. The majority of the deal process has been completed in lockdown – the focus and drive of everyone involved has maintained momentum throughout.”
ROI was introduced to BGF by Kaneteg’s father, Mattias, the CEO of web hosting firm Miss Group, which received more than £19m from BGF, before its exit earlier this year.
Mattias Kaneteg is a non-executive director of ROI.
Alongside the investment, BGF’s Pinesh Mehta will join the ROI board:
“ROI is an exciting young business driven by a highly-capable team with an impressive board. With plans for future growth already well developed, we look forward to working with the team as they open offices across the UK and Europe.
“BGF has completed a number of new and follow-on investments in recent weeks. As companies emerge from the current lockdown, we believe that equity investment has a key part to play in the recovery.”
