Innovation Broking uses venture capital to drive growth
MD Howard Pearson said firm is using investment from Albion Ventures.
Innovation Broking is pressing ahead with its growth plans after opening a new office in London and taking on two members of staff at director level.
Managing director Howard Pearson said the firm is using the £2m invested in the business by venture capitalists Albion Ventures to further its expansion.
Russell Sessions, formerly head of corporate development at Stackhouse Poland, and Ryan Sherer, previously a producer at Arthur J Gallagher, have joined the business.
Pearson added there are currently three staff members in the London office, including himself and the new recruits, and that will soon go up to six overall.
He started Innovation Broking in April last year with chief executive Paul Dickson, both of whom are former Gallagher executives, after they found themselves out of work at the same time.
They believe there is a gap in the technology market and aim to offer an advisory service, as much as anything else, at boardroom level to mid-market companies around their needs.
The business was started in an office in Watford where there are currently 14 members of staff.
Pearson said: “We formed ourselves as very much a commercial broker offering board-level advice to companies. Our aim is to grow fairly substantially.
“In November last year we secured investment into our business as venture capital from Albion Ventures, and the purpose of that money was to enable us to grow by acquisitions of talented people.”
Pearson added: “We’re in London because it’s great to be close to our insurers and because we do some international business and it’s a great centre for business.
By Larry Ferguson in Insurance Age