Foresight Group LLP (“Foresight”), a leading listed independent infrastructure and private equity investment manager, has invested into Space 48 Limited (“Space 48” or “the Company”), a digital eCommerce agency. The investment and Foresight’s involvement will support founder and Managing Director Jon Woodall in taking the business through its next stage of growth, further building on Space 48’s success and current market-leading position.
Space 48 offers clients a full range of eCommerce consulting services with a focus on designing solutions to improve end-customer experiences and drive online sales. This includes eCommerce design, engineering, re-platforming, platform improvements, growth marketing and eCommerce consultancy.
The company, which has around 50 employees, has a long track record as an independent consultant across leading eCommerce platforms and offers a differentiated proposition in the market due to the breadth of these relationships. Space 48 is known for its high-quality work as demonstrated by organic revenue growth of over 25% in the past two years, and its expansive customer portfolio.
The eCommerce agency market represented c.£1.5 billion sales in the UK in 2019 and is projected to continue to grow by 7% annually through 2024. 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.
Foresight’s investment will drive further growth across the business, with plans to develop the sales team, go-to-market strategy and explore international opportunities. As part of the transaction, Foresight is appointing a Chairperson from industry, who will be instrumental in leading the business through its next phase of growth, driving operational efficiencies and exploring expansion opportunities.
Commenting on the investment, Jon Woodall, Managing Director of Space 48, said: “The company has grown organically since 2008 but, in order to take it to the next level, we decided to bring in a new partner to help realise our full potential. Foresight’s focus on growing UK businesses and its track-record of investing in eCommerce were key for us. As we look to expand our reach and breadth of customers for services, I am confident that the business will flourish with Foresight’s support.”
Matthew Pomroy, Investment Director at Foresight, added: “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. As shown by feedback, it’s clear that Space 48’s quality, range of services and value-add insights are behind its long-term customer relationships. We believe the growth in eCommerce will remain robust and Space 48 is well positioned to become one of the market-leading eCommerce agencies.”