The funding came in the form of an investment from Soho Square Capital LLP. The deal was agreed for an undisclosed, eight figure amount, with the Soho Square website claiming to have a target investment size of £15-40 million. Over 65 recipients have received an investment from the firm to date. 

The investment will also see Joe Tebbutt, the principal at Soho Square, join the company’s Board of Directors. 

The funding will go towards accelerating the expansion of new offices around the UK and internationally, as well as hone in on organic growth. 

“We’re delighted to now be a part of the xDesign story, and can’t wait to support it in accelerating its ambitious expansion plans,” said Tebbutt. 

The funding comes during a period of productivity for xDesign, where it launched a new cloud computing division, and acquired innovation and design company CreateFuture all in the past two months.

Last year, xDesign hit record growth, reaching £14.5m in revenue, up from £3.8 in 2021. In 2023, some analysts predict xDesign could see its annual revenue reach over £55m.

xDesign was founded in 2010 by CEO Euan Andrews and currently has an employee base of over 450 people in Edinburgh and Leeds, providing digital capabilities to accelerate their digital transformations. 

“To date, we’ve been a fiercely independent organisation, a fact that has enabled us to provide a truly award-winning experience for our clients and our talented team of people,” said Andrews. 

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Andrews will remain majority shareholder even after the investment, and continue in his role as CEO. Soho Square says the minority backing is meant to be an investment in the people and culture that helped it build its reputation in the first place. 

“We’re delighted to now be a part of the xDesign story, and can’t wait to support it in accelerating its ambitious expansion plans,” said Tebbutt. 

“In Soho Square, we now have an investor – and more importantly – a partner, that will help us amplify our mission to create a truly human-centric digital consultancy on a much bigger scale whilst maintaining the independent mindset that’s made us successful,” said Andrews.