The investment will be used to fund further international growth, the firm revealed, with a specific focus placed on expanding the company’s presence in North America.
As part of its global expansion, MRM said it plans to recruit a local team in the United States to support customers, develop new business and expand its partner network.
MRM provides marketing technology to the global drinks and hospitality sector, enabling manufacturers and wholesalers to increase the marketing support they provide to independent customers.
In the last three years, the firm has expanded internationally to more than 34 countries and now works with a host of world-leading spirit and beer brands.
Commenting on the deal, MRM Global Chief Executive, Craig Letton, commented: “In 2019, we doubled the size of our business in both revenue and headcount which was a real challenge for a business that has been bootstrapped since day one.
“We realised that if we really wanted to achieve our vision of supporting as many customers as possible, we needed to take on growth capital. More than just the capital, we wanted to bring on board an investor that shared our vision and values, with the expertise to help us scale.”
Letton added: “After speaking to several investors, it became clear that BGF was the best partner for us to realise our ambitions.”
MRM will invest heavily in the development of its technology platform and, in the coming months, plans to triple the size of its Edinburgh-based software engineering team to accelerate the product roadmap.
This will include the development of a Digital Creator module, which was developed and launched during the Coronavirus pandemic to help hospitality outlets adapt to the new trading environment.
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Euan Baxter, an investor at BGF who joins the Board of MRM Global said: “This partnership has provided us with a fantastic opportunity to back a disruptive and high-growth technology business that is changing the way global drinks brands drive visibility at the point of purchase.
“Despite the hospitality sector being negatively impacted by Covid-19, we are committed to backing companies in this space that have market-leading solutions and a clear opportunity to drive shareholder value.
“We believe MRM has a clear growth opportunity in front of it, underpinned by strong customer demand, and we look forward to extending its reach even further.”
MRM Global has also appointed Andy Fennell as non-exec chairman. Fennell brings with him a wealth of industry experience, including 18 years at Diageo where he was president of Smirnoff, Global Chief Marketing Officer and, latterly, president of Diageo Africa.