Data analytics company MyLife Digital secures £2m from BGF
Data analytics company MyLife Digital has landed £2m in funding from BGF (Business Growth Fund).
The Wiltshire-based firm will use the investment to accelerate the roll-out of its digital platform, which facilitates the consensual sharing of personal and professional data between organisations and individuals.
The platform will initially be deployed into the not-for-profit, sport, healthcare and government sectors.
John Hall, CEO at MyLife Digital, said: “People recognise the value of their personal data but they also have concerns around privacy. They are more likely to engage with organisations if they feel in control of how their data is being used and know that they are genuinely benefiting from an organisation being able to analyse that data.
“It’s about re-establishing trust, which has been eroded in recent years, between organisations and the individuals they serve.”
Hall went on to say his company’s platform will enable health and social care agencies to work together to better protect vulnerable people.
“It’s an exciting time and BGF’s investment will really help us accelerate our growth and development in this new space,” he added.
BGF manages capital of up to £2.5bn and is backed by five of the UK’s main banking groups: Barclays, HSBC, Lloyds, RBS and Standard Chartered. It provides growth capital of between £2m-£10m to small and mid-sized businesses that typically have revenues of between £5m and £100m.
James Austin, an investor at BGF who joins the board of MyLife Digital, said: “We are pleased to be backing this highly experienced team as they continue to grow in these rapidly developing markets.
“Their vision for the Group over the next five years is powerful and credible, and we will be able to bring additional value to MLD through our existing network of investments and partners,” he concluded.