Proactive Investors is opening a New York newsroom after securing £3.3mln of private equity funding.
The expansion into the US will be overseen by Proactive’s co-founder and chief executive, Ian Mclelland, who has recruited an experienced team to assist him.
Business development will be led by Brian Loper, a technology start-up specialist, while the US editorial team will be headed by Paul Curcio, former managing editor of TheStreet and a senior financial news reporter for the Associated Press.
Headquartered in London and with offices in Sydney and Vancouver, Proactive is the go-to source for breaking news on growth companies.
Events and research
It also boasts a highly-regarded events business and has branched into digital services and sell-side research.
The plan is to replicate the UK operation in New York, the only other tier-one capital market in the English speaking world.
The funding is being provided by Mobeus Equity Partners, which is taking a small minority stake in the business.
Amit Hindocha, who led the deal for Mobeus, will be joining the Proactive board alongside Colin Garrett, a veteran non-executive with a track record of growing UK businesses into North America.
Pleased and excited
Proactive CEO Mclelland said: “It is extremely pleasing to have closed this funding with Mobeus – an investment we believe will transform Proactive.
“As this is the first outside funding we have ever received it was crucial we found the right financial partner and people for what we believe is going to be an exciting journey.
“In Mobeus we believe we have the former and in Amit and Colin the latter.
“It is worth noting that to date Proactive has been self-funding. It is testament to the committed and professional team and their efforts that we have secured this financial backing.”
Proactive was founded in 2007 when Mclelland and UK managing director Craig Ribton decided to turn their investor blog into a business.
The company now works with around 500 clients in the UK, Australia and Canada.