Base79 Case Study

Theme/sector: Digital MediaBase79

Total investment: £3m

Exit type: Trade sale

 

MMC exited portfolio company Base79 in 2014. The online video rights management company took our investment in 2010, after two years of trading, and grew exponentially in the four years leading up to the exit. The sale represents a potential return of up to 5x for MMC investors.

Our initial investment in 2010 was bolstered by two follow-on rounds, in 2011 and 2012, which reflected the continuing growth and success of the company. This was soon followed by a much larger external investment in late 2012 which represented a 38% uplift on MMC’s valuation. Throughout this time the company experienced significant year-on year-growth and MMC Partner Rory Stirling sat on the board of directors. You can read Rory’s thoughts on the Base79 journey here.

In July 2014, the company was sold to Rightster Group Plc for a combination of cash and shares in a sale worth up to £50m. The combined business will be the fourth-biggest YouTube multi-channel network audience in North America and the No. 1 multi-channel network outside of North America. Many of Base79’s team have become senior executives in the new business and in 2015 Patrick Walker, former Chief Content Officer at Base79, was named CEO of Rightster.  

We wish all of the team the best of luck and look forward to watching their continued success. We continue to be in contact with Base79 CEO Ashley Mackenzie and he kindly agreed to speak at our 2014 annual event.

140911_bpp_125Base79  annual event 2014

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