February 8, 2021
Space 48 is excited to announce we’ve secured investment from Foresight for our next phase of growth
Space 48 has secured investment from Foresight, a leading independent infrastructure and private equity investment manager to support the business through our next stage of growth.
During our 13-year history, we have provided a full range of eCommerce consulting services for our clients, with a focus on designing solutions to improve end-customer experiences and drive online sales. We have a long track record as an independent advisor across leading eCommerce platforms including BigCommerce, Magento and Shopify and offer a differentiated proposition in the market due to the breadth of our eCommerce platform relationships. We have a reputation for high-quality work as demonstrated through our organic revenue growth, up over 25% in the past two years, and strong customer pipeline.
We’ve developed key relationships with our partners, built trust with our clients, and created a culture and team that we’re proud of. We believe these aspects will only be strengthened by the investment, and it provides us with an opportunity to continue improving and evolving in the Space 48 way.
The investment provides a launchpad for an exciting period of growth not only for our business expansion, but for enhancing our breadth of services and capabilities to our clients, creating new partnerships with industry-leading ecommerce solutions, and opening up recruitment opportunities.
“The Company has grown fully organically since 2008, but in order to take Space 48 to the next level, we decided to bring on a new partner to help realise our full potential. Foresight’s focus on growing UK businesses and its track-record investing in eCommerce was key for us. As we look to expand our reach and breadth of services for customers, I am confident that the business will flourish with Foresight’s support.” Jon Woodall, Space 48 Managing Director.
Jon Woodall, Space 48 Managing Director.
The eCommerce agency market represented c.£1.5bn sales in the UK in 2019 and is projected to continue to grow by 7% annually through 2024. The general view is that COVID-19 accelerated the shift towards online platforms and consumers will maintain new online purchasing habits in the long-run. As retailers increasingly focus on driving online sales channels and improving customer experiences by investing in eCommerce technologies and infrastructure, an agency like Space 48 is well-positioned to help ambitious online retailers thrive.
Having already seen growth as the shift in consumer demand for online retailers increases, Foresight’s investment comes at the perfect time to drive further growth across the business, with plans to develop the sales team, go-to-market strategy, and explore international opportunities. As well, as providing more opportunities for our current employees’ career progression, and creating new jobs in the market.
“Jon and the team at Space 48 have built a very strong business from the ground up and have become one of the most reputable companies within the sector. Evidenced by the feedback and long-term relationships with its customers, it’s clear that Space 48’s quality, range of services and value-add insights are key drivers for customers’ trust. We believe the growth in eCommerce will remain robust and Space 48 is well-positioned to become one of the market-leading eCommerce agencies.”
Matthew Pomroy, Investment Director at Foresight
We’re ecstatic to be invested in by Foresight and we’re looking forward to the next milestone of growth in the Space 48 journey.
