Gloo Networks IPO raises cash from Invesco and Standard Life

Michael Bow
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Rebecca Miskin and Juan Lopez-Valcarcel (Source: Jad Oakes)
A clutch of City fund managers have backed the flotation of a digital acquisition vehicle called Gloo Networks.

Invesco Asset Management, Ruffer and Standard Life are among a number of fund managers that have bought shares in the firm, which will list on the alternative investment market.

Gloo is the brainchild of the former digital strategy director at Hearst Magazines UK, Rebecca Miskin, and Pearson’s ex-chief digital officer, Juan Lopez-Valcarcel.

The group, worth £30m, wants to buy companies worth between £250m and £1bn in the UK and US.

Marwyn Value Investors, which owned 100 per cent of the company before yesterday’s sale, has taken its stake down to 34.9 per cent.

Invesco has 16.3 per cent and Ruffer has 9.8 per cent. The other backers include City Financial Investment Company, Magnetar Financial, Hargreave Hale and Herald Investment Management.

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