Our Corporate Finance team were delighted to recently advise digital product specialist, Ostmodern, on its fundraising initiative to raise £2million. This injection of capital will support the development of its flagship software as a service (SaaS) product, Skylark, and the continued expansion of its business.
Founded in 2006, Ostmodern was formed to bring design excellence and positive change to the way people consume digital media. With offices in London and New York, Ostmodern works with broadcast, media and sports brands to design and develop innovative digital products that deliver commercial value.
Secured through private equity firm, Puma Private Equity, the fundraising initiative will further the development of Ostmodern’s pioneering 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 Covid-19 global pandemic.
Led by Corporate Finance Director, Alexander Duffy, our corporate finance team led the advisory on all aspects of the fundraising initiative – including providing guidance regarding the company’s business plan and presentation to investors, as well as ensuring that the communication and investment process was seamless.
Alex Duffy, Corporate Finance Director, 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.”
Partners Steve Barnett and Tom Wilde from law firm Shoosmiths advised Ostmodern on the legal aspects of the deal. Steve, 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.”
For further details on this deal, please contact: