Manchester-based lead generation platform ROI has secured a £3m investment from BGF to support its expansion into 12 cities across the UK and Europe.

ROI is a lead generation technology company which allows small businesses to rent an optimised website which is designed to attract more leads and generate new sales.

Founded by Sweden-based 24-year-old entrepreneurs Robin Kaneteg and Joel Halling, the business said it has proven its model in Sweden, growing to annual revenues in excess of £1m sales since it was founded in 2018.

The firm said it has had success in the home improvement and maintenance sector and is scaleable across different geographies and sectors.

Kaneteg, co-founder and CEO said: “We’ve developed a genuinely innovative approach to an established market which is delivering results for our customers.

“With BGF’s backing, we can accelerate the roll-out of ROI into new territories and sectors to achieve significant growth. We initiated a funding process at the start of the year and BGF quickly emerged as the best partner for our business. The majority of the deal process has been completed in lockdown – the focus and drive of everyone involved has maintained momentum throughout.”

Halling, co-founder and sales director at ROI added: “We have put together a detailed plan for the opening of sales offices in 12 major cities in the UK and across Europe to grow our customer base.

“With our solution, for example, an electrician in Manchester can rank high on web searches by renting an optimised website and generating potential customers exclusively for their business.

“We have already experienced outstanding growth as our customers have seen success in generating quality leads from working with ROI. With the investment from BGF, we will continue to invest in our product development and improve the service we offer to our customers as we continue our growth across Europe.”

Pinesh Mehta, investor at BGF who will be joining the board of ROI.

Mehta said: “ROI is an exciting young business driven by a highly-capable team with an impressive board. With plans for future growth already well developed, we look forward to working with the team as they open offices across the UK and Europe.”