BGF provided £5m of growth capital to The Exchange Lab in November 2013.

The business, co-founded by entrepreneurs James Aitken and Tim Webster, delivers digital advertising campaigns across display, video, social media and mobile channels, evaluating a billion audience interactions daily. Its proprietary plaform, Proteus, provides advertisers and brands with visibility across twelve DSPs, enabling them to access unrivalled volumes of digital inventory at lowest cost.

The company invested BGF’s capital in Proteus, integrating an additional eight Demand Side Platforms (DSPs) and boosting campaign automation by developing advanced APIs. It also embarked on a focused sales strategy in North America, delivering top line growth and demonstrating commercial scale on the Proteus platform.

In December 2015, BGF successfully exited its investment in the firm, following its acquisition by WPP for an undisclosed sum. The Exchange Lab’s people and technology are now being integrated into WPP’s GroupM.

This was second high-profile ‘scale-up’ exit for BGF in the technology, media and telecommunications (TMT) sector following the acquisition of Unruly by Newscorp in September 2012.

Chris Hodges, an investor at BGF, oversaw BGF’s initial investment in The Exchange Lab and served as BGF’s non-executive director on the board of the company.