Glasgow digital creative agency Dog Digital has announced that it has received £1m of first round investment from venture capital firm Panoramic Growth Equity to aid it global expansion plans.
The agency, established in 1996, recorded a turnover last year of £3.6m and currently employs 53 members of staff. It said that it plans to use the new equity finance to broaden its service offering and enter new markets.
Offices will be established in both London and Singapore, creating 15 new jobs within the Glasgow office, and more elsewhere, following the arrival of new social media projects.
The investment has been made as part of the largest fund granted by the Government backed £34m Panoramic Enterprise Capital Fund launched in 2006. The fund sees individual investments made of between £0.5m and £2m, to help fuel growth within SMEs.
Malcolm Kpedekpo, partner at PGE, said: “We are delighted to have completed this investment in Dog Digital. Dog Digital is an exciting digital agency and we believe that it is well placed in a high-growth sector to take advantage both domestically and internationally.”
Gerry McCusker, founding director of Dog Digital, added: "We were not actively looking for growth capital when we met the team at Panoramic, but we soon realised that a funding boost combined with their expertise and track record could help us really ramp up our growth ambitions. From the off, Malcolm and Drew were completely in tune with what we wanted to achieve for our business, and were careful in this process to not lose sight of the culture and values that we have worked hard to create. That was hugely significant in the deal conclusion.”