- £4m investment to double headcount in next year and expand its innovative activities
- ScaleUp Capital is a specialist fund helping promising startups develop into sustainable and valuable businesses
- Sifted is about in-depth reporting on startup Europe for startup Europe. From Bristol to Bucharest, their journalists go beyond the press release to find out what you didn’t know you needed to know.
ScaleUp Capital, which specialises in investing in and supporting scaling B2B digital businesses with revenues of £1 million to £10 million, has today announced the closing of a £4 million investment round in Sifted.
Today’s investment will enable the media outlet to continue scaling the definitive resource for insights on the European startup ecosystem. It will use the capital raised to expand its existing team of 40 employees to double that number next year, adding to its editorial, commercial, marketing and tech and data teams. The editorial team already consists of 15 journalists in London, Stockholm, Paris, Berlin and Barcelona, with plans to expand its presence across the region.
Sifted started three years ago, founded by John Thornhill, innovation editor at the Financial Times, and serial entrepreneur Caspar Woolley. Since its launch, Sifted has grown from its one journalist and one newsletter, to a team of 40 with an editorial team that brings experience from the FT, Wall Street Journal, Bloomberg, Dagens Industri and Courier Magazine.
Backed by the Financial Times, Sifted has attracted 10 million unique visitors since launch, and has built up a newsletter readership of more than 100,000 across the region. With its in-depth reporting on the European startup ecosystem, it has established itself as the first word for a new generation of European entrepreneurs through its scoops and hard-hitting deep dives into companies.
The FT remains a shareholder and Sifted continues to license the FT brand.
John Thornhill, co-founder of Sifted, said: “We established Sifted in 2019 to write about the European startup world and we have since built a strong and loyal readership. We have proved that there was a gap in the market for high quality, FT-calibre journalism but we are now looking to prove that there is a market in the gap by building up our commercial arm. That is why we are excited to announce this partnership with ScaleUp Capital, as it will enable us to build on our successes editorially and commercially and, to deepen our relationship with readers by launching more podcasts, data-rich reports and member events.”
Caspar Woolley, co-founder of Sifted added: “The hardest challenge for any startup is to scale, which is why we are delighted by ScaleUp Capital’s investment in Sifted – they are specialists in the game. ScaleUp Capital will work closely with our management team to scale up all of our operations and help take us to the next level. They have a great history of building successful businesses, which is why we are enthused by the prospect of this partnership to accelerate our expansion.”
Simon Philips, CEO of ScaleUp Capital said: “At ScaleUp we pride ourselves in our differentiation as an investment platform, we work closely with our portfolio of businesses to ensure access to both capital and support needed to grow a business successfully. We are delighted to be leading on this investment round and adding Sifted to our roster of businesses. Sifted is a successful startup that has built an incredible team and following in just three years. Its growth trajectory is impressive and the steps the business wants to take to expand on its offering and staff is exactly why we are excited to embark on this journey. We will work closely with their team to unleash their potential and witness them become a leading player in the market.”
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About ScaleUp Capital
Founded in 2002 as Root Capital, the firm was rebranded to ScaleUp Capital in 2020. ScaleUp Capital typically invests GBP 2m-10m into with revenues usually between GBP 1m-10m and an enterprise value of GBP 2- 30m. It then aims to scale investments to revenues of GBP 10-50m and an EV of GBP20-200m over 4-8 years.
About the Financial Times
The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. The FT has a record paying readership of more than one million, three-quarters of which are digital subscriptions. It is part of Nikkei Inc., which provides a broad range of information, news and services for the global business community.