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11th March 2019

£249,000 Foresight investment sees technology firm relocate its headquarters to Milton Keynes

  • Usheru Ltd to open a new headquarters in Milton Keynes
  • Firm has developed a bespoke technology platform powering direct ticket sales and marketing analytics for film distributors
  • Foresight’s investment was made via MEIF alongside an additional investment of £224,000 from Enterprise Ireland

Milton Keynes, 11 March 2019: Foresight Group LLP has announced a £249,000 investment into Usheru Limited (“usheru”), the firm behind a pioneering technology platform operating in the £50bn film distribution market.

The investment from Foresight, using finance from the Midlands Engine Investment Fund, has been made alongside £224,000 from Enterprise Ireland, taking the total package to £473,000 and allowing the firm to relocate its head office to Milton Keynes. This is an important step for the business after successfully creating a technology platform to power direct ticketing and marketing data insights for film distributors.

Despite the significant expenditure associated with marketing films, distributors currently struggle to capture and measure the effectiveness of campaigns. Usheru's technology achieves this by linking sales at the box office to film marketing activity, enabling film distributors to measure return on investment for the first time.

The firm has moved its headquarters to be closer to its customer base and is to make up to five new hires over the next 12 months. Foresight’s investment will also allow the firm to improve its product offering - introducing new features to enhance customer conversion.

Commenting on the investment, Ollie Fegan, CEO of usheru, said: “We are delighted to move our expansion plans forward since receiving the investment from Foresight. Milton Keynes, with its burgeoning population of tech talent, is the ideal base from which to do this as we look to take greater leaps into new markets and expand usheru's product capabilities.”

Jordan Lavender, Investment Analyst at Foresight, said: “It has been a pleasure working with the usheru team and we are confident that its move to Milton Keynes will open further opportunities to attract more talent and tap into a bigger client base. usheru is a good example of MEIF funding supporting early stage SMEs and succeeding in making the Midlands a more attractive area for growing businesses.”

Grant Peggie, at the British Business Bank, added: “Since its launch, the Midlands Engine Investment Fund has established a strong track record of supporting growing technology businesses. Usheru’s decision to move into Milton Keynes demonstrates that MEIF is making an important contribution to the economic growth of the Midlands.”

Hilary Chipping, Chief Executive at South East Midlands Enterprise Partnership, said: “SEMLEP is very pleased to see continued MEIF finance coming through to support the smart, innovative and growing businesses we have in our area. Seeing investment like this in Usheru Ltd firmly backs Milton Keynes as the creative and digital technology hub that it is."

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

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Follow @midsenginv

Are you looking to secure business finance?

For information on what investment type is suited to your firm's needs, visit the @BritishBBank’s Business Finance Guide here: https://t.co/u5u3LyQcif https://t.co/LcHCDyt0kJ
MidsEngInv photo

Stay up to date with the latest #MEIF investments and fund announcements by visiting our news page here: https://t.co/8KEIg61nsB https://t.co/UyLelZ6LAM MidsEngInv photo

Are you new to the @BritishBBank’s #MEIF? For clear information on the finance available through the Fund please visit our Quick Reference Guide here: https://t.co/SDilCE6y9Q https://t.co/cjEwnvR6n9 MidsEngInv photo

The #MEIF is now on LinkedIn. Follow us for the latest investment news, fund updates and information on securing external finance.

Connect here: https://t.co/mhwkGSoAcr https://t.co/VXP3Zc0pJ0
MidsEngInv photo

#MEIF Small Business Loans are available for a wide range of purposes including filling gaps in growth capital, funding new projects or purchasing equipment.

Connect with our fund managers @B_C_R_S and @1st_Enterprise and access more information here: https://t.co/FMbFV547x6 https://t.co/hnbIVDvsgI
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