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Private equity house Foresight has recently invested an undisclosed sum into Space 48, a Manchester-based digital eCommerce agency. Space 48 offers a full range of eCommerce consulting services, such as eCommerce design, engineering, re-platforming and growth marketing, to drive online sales and create solutions to improve the end customer experience.
With around fifty employees, Space 48 possesses a track record within the industry of producing high-quality work. The business has grown organically by more than 25% over the last two years and expanded its customer portfolio. The injection of funds and support by Foresight will enable Jon Woodall, Founder and Managing Director, to take the business through its next phase of growth and build on Space 48’s marketing leading position.
In 2019, the market for eCommerce consultancy was valued at £1.5 billion. As retailers increasingly focus on driving growth through online sales channels, there is the need to improve overall customer experience. Therefore, over the next three years, it is anticipated that the industry will grow annually by 7%. Space 48 will be well-positioned to capitalise on the market growth and realise its full potential.
Jon Woodall, said “Foresight’s focus on growing UK businesses and its track record of investing in eCommerce was 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.”
Investment Director at Foresight, Matthew Pomroy, 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.”
Picture – Jon Woodall, Founder and Managing Director of Space 48