Ostmodern raises £2m to support the development of new SaaS products
Digital product specialist, Ostmodern, has raised £2m to support the development of its flagship software as a service (SaaS) product, Skylark, and the continued expansion of its business.
Founded in 2006 and with offices in London and New York, Ostmodern works with media, broadcast and sports brands to design and develop innovative digital products that deliver commercial value.
Secured through private equity firm, Puma Private Equity, the injection of capital will fund the development of Ostmodern’s innovative video content management software, Skylark. The technology was created to support the growth of the on-demand video marketplace, which has accelerated due to the pandemic.
The Corporate Finance team at accountancy firm, Menzies LLP, led by Corporate Finance Director, Alex Duffy, led the advisory on all aspects of the fundraising initiative. This included providing guidance regarding the company’s business plan and presentation to investors as well as ensuring that the communication and investment process was seamless. Partners Tom Wilde and Steve Barnett from law firm Shoosmiths advised Ostmodern on the legal aspects of the deal.
Alex Duffy, Corporate Finance Director at Menzies LLP, commented: “The pandemic has caused the on-demand video industry to grow at an exponential rate and Ostmodern’s Skylark product is ideally placed to capitalise on this. It’s been a pleasure working with the management and the business, which is clearly heading for a successful future.”
Steve Barnett, in the venture capital team at Shoosmiths LLP, said: “We are always pleased to see stand-out technology entrepreneurs secure backing to take their ideas to the next level, and we look forward to seeing the business scale and grow.”
Jody Allen, founder and Managing Director of Ostmodern, added: “Despite some initial disruption caused by the pandemic, this capital funding has come at a critical time for the business and will enable us to take our flagship product to the next level. A big thank you to Alex and his team for helping to keep stress to a minimum throughout the process and enabling us to achieve the next stage of our growth journey.”
Kelvin Reader, Investment Manager at Puma Private Equity stated: “We are delighted to be supporting Ostmodern’s strong management team as they draw on their longstanding industry experience to capitalise on the growth of video-on-demand that we are witnessing worldwide – we look forward to seeing their future achievements. Thank you to the team at Menzies who provided valuable advisory support in bringing this investment to completion swiftly.”