Beekman Associates, the developer and provider of the data-driven marketing procurement platform RightSpend, has raised £17m.

The is hoped to  help the management team to drive organic growth, further develop its software as a service (SaaS) offering and continue to expand into new international markets.

Headquartered in London and with a second office in New York, Beekman Associates and its software platform RightSpend supports its blue-chip clients in the assessment of their marketing activity.

The software is designed to help its clients to reduce costs, drive efficiencies and increase transparency within the procurement process, and currently assesses more than £8bn of marketing spend each year .

The investment was led by investor LDC, and its Director David Andrews and Investment Manager Dan Gluckman, who will both join the board.

The deal will also see the former CEO at EMAP and Informa, and ex-Procurement Leaders Chairman David Gilbertson join as Chairman and former COO of the NEC Group John Hornby join as Non-Executive Director.

Iain Seers, CEO of Beekman Associates, said: While we have grown significantly in recent years, there is a real opportunity for us to scale quickly, drive our technology development faster, as well as expand into new geographies.

David Andrews, Director at LDC, added: “The business model and proprietary technology, coupled with a highly scalable proposition, means the business is well-placed to expand and build on its success to date.”