Two digital publishing executives have joined forces to raise up to £30m from investors for an acquisition vehicle targeting online consumer brands.
Rebecca Miskin, the former digital strategy director at Hearst Magazines UK – owner of magazines like Cosmopolitan – and Pearson’s ex-chief digital officer, Juan Lopez-Valcarcel, want to buy companies worth between £250m and £1bn in the UK and US.
The vehicle, called Gloo Network, has backing from fund manager Marwyn, which has previously backed Entertainment One and British Car Auctions.
“Gloo intends to acquire businesses with leading brands and, through data and technology, release and transform their real potential,” said Miskin, who is chief executive.
Numis and Liberum are raising the cash for the firm. The shares will trade on the alternative investment market.