06 Sep 2018
MyLife Digital secures further funding to support the international roll out of its personal data management platform
Privacy technology and data analytics company MyLife Digital announces major new funding to support its international personal data management platform roll out.
- BGF adds £3 million of funding to its initial £2 million investment made in 2016.
- Barclays supports MyLife Digital’s growth ambitions with a £2.7 million venture debt facility.
- MyLife Digital founding investors extend further significant private investment.
- Funds will enable full roll-out of MyLife Digital’s Consentric personal data management platform globally.
UK-based privacy technology and data analytics company MyLife Digital has completed a new £5.7 million funding round to support the international roll out of its innovative platform.
MyLife Digital provides an enterprise Software-as-a-Service (SaaS) solution to help organisations manage the challenges around personal data, enabling them to build greater trust and engagement through data transparency with the citizens they serve. MyLife Digital, incorporating Wood for Trees and Insight Analysis, developed the Consentric SaaS platform as a world-leading personal data capability and launched to market in late 2017. Consentric adds value by reducing data misuse, enabling new service innovation based on data sharing, putting users in control, and generating trusted access to more, higher quality and more timely data from individuals as a result.
The Consentric platform already has six million registered individuals and a thriving partner community building on its open API to unlock and deliver its unique capabilities to users. MyLife Digital current partners include the Salesforce ecosystem, Experian and the REaD Group. The Consentric platform is an essential trust and engagement capability relevant to all of the leading enterprise technology stacks in existence today. MyLife Digital’s vision is to empower individuals to control how their personal data powers positive outcomes.
Bruce Finnamore, Chairman of MyLife Digital, adds: “We have built on the initial investment by BGF to grow from a start-up into an established company. With this further funding we now have the capital to accomplish our international ambitions and grow MyLife Digital to £120m turnover within three years. The latest investment will enable us to pursue our mission by further enhancing the capability of the Consentric platform, and to extend our partner footprint and client reach globally. Our aim is to be the world’s leading company in providing a trusted, safe and secure platform for personal data.”
Alan Bristow, CEO of ICON Corporate Finance, says: “We are delighted to have worked with MyLife Digital on this funding round. The team are building a very impressive and world leading business in trusted and secure personal data management and we look forward to their ongoing success”.
James Austin from BGF and board director of MyLife Digital, says: “Our additional investment demonstrates our confidence in MyLife Digital as an exciting technology company in the personal data management space. They have already grown quickly through the capital provided with the initial funding. This new investment enables them to accelerate their growth into international markets, through multi-national clients and further international partners.”
Juliet Rogan, Head of High Growth & Entrepreneurs at Barclays, says: “Barclays is excited to support MyLife Digital’s ambitions to be the world leader in personal data management and privacy. Barclays is the only bank to have a national High Growth & Entrepreneurs team and the venture debt facility provided reflects both the potential of MyLife Digital’s innovative business model and the strength of the management team. It also demonstrates Barclays’ commitment to backing high growth, innovative companies both in the South West and across the UK.”
The Barclays loan will be backed by a guarantee from the European Investment Fund (“EIF”) and has been enabled by the InnovFin initiative with financial backing from the EU’s Horizon 2020 programme.