Glasgow Firm Digitonic Raises a Million
A Glasgow-based smart mobile marketing agency doubles valuation from just nine months ago.
17:54 08 April 2019
Glasgow tech firm Digitonic has recently sold a 10per cent stake to a client bringing its value at £10million or 100per cent of its valuation from just nine months ago.
The company was set up in 2011 by Grant Fraser and Iain Wilcox. They invested just £4000 to buy two laptops, two mobile phones and pay the rent for a small office in Glasgow.
The cash injection, which comes from the firm’s biggest client, will help it expand into the US as it looks to double staff over the next 18 months.
Chief executive Fraser said: “As a business, we have grown via innovation and commercialisation, and we are now at a point where we are ready to accelerate our growth. While we are very proud of the fact that we have been able to grow without ever having to take a loan or give away substantial equity in order to fuel our sustained growth, this investment will enable us to rapidly grow the business.”
“We are now one of the fastest-growing companies in our sector, and we are excited to see what the next eight years bring as we plan to open a new office in London later this year, and expand our client base into international markets.”