Ve Interactive, the ex-unicorn tech startup turned phoenix raises £15m and relaunches as Ve Global


Ve is back after near collapse (Source: Ve Global)

Ve Interactive, the former tech "unicorn" that fell into administration before being rescued in a management buyout, has raised fresh cash as it seeks a return to form.

The advertising technology company which once claimed it was worth more than $1bn has raised £15m from its existing investors who bought it out, understood to include the Scottish property mogul Douglas Barrowman.

“This funding represents a significant milestone in Ve’s journey and allows the business to enhance, develop and deliver more consumer-first technologies that inspire our client’s customers throughout their online journey," said chief executive Morten Tonnesen.

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Ve fell into administration earlier this year after failing to raise more cash to keep it going. It ran into cash flow issues in late 2016 and Barrowman and web entrepreneur Mark Pearson along with other shareholders pushed out founder David Brown before creditors forced a pre-pack administration. Brown has been criticised for the company's lavish spending under his management.

The startup has now also relaunched itself as Ve Global to signal the completion of its turnaround and is moving into new offices at Old Street's new White Collar factory 500

The fresh cash will go toward hiring staff, which currently numbers around 500, the majority of whom are in the UK, and expansion. It plans to enter China and India and will also focus on the US.

Tags: Startups