Growth Story: Mintec

Sector

Business Services

Investment Date

December 2017

At a glance

  • 18/20 top global food retailers partnered

  • 10,000+ data series aggregated

  • 1m annual data points

WHY MINTEC

Mintec offers a range of SaaS products that provide unique food pricing data and analytics. Serving 18 of the top 20 global food retailers, and demonstrating solid revenues, Mintec was already a market-leader before we invested. But with rising food inflation, we felt there was scope to offer their 400+ customers even greater value. Our expertise in data and tech – coupled with our experience entering US markets – meant we were well-placed to help Mintec scale up.

By December 2017, we’d already built a strong relationship with the Mintec team. It was clear that we shared their visions for the Company, and were in agreement about how to reach those goals. Shortly thereafter, we got to work.

STRATEGY

Even before we invested in Mintec, the Company benefited from high levels of recurring revenue. But we felt that without further investment in the platform, they risked hitting a ceiling. Therefore, we helped the team to plan, develop and deliver an entirely new software suite.

Modernisation started with a move from enterprise software to the cloud. We built advanced analytics into the platform, providing key insights for the newly-headed marketing team. Crucially, we entered new markets in order to expand the dataset and provide additional value to customers.

Prior to our investment, there was no dedicated sales and marketing function at Mintec. So we helped the team to build sales teams in Europe and the US, through Synova’s US growth team, with dedicated marketing functions to drive new leads. Together with a structured approach to account management we managed to more than double ARR organically in the first 18 months of partnership.

We’ve already made good headway with Mintec, but there’s more work to be done in the coming years. We’re thoroughly excited about continuing our journey together, and building on the successes we’ve already achieved with the team.

“Synova’s investment was a critical step in our evolution, bringing a supportive partner, who is helping to accelerate our growth and realise our strategic ambitions. The potential that existed within Mintec meant that finding a like-minded, dynamic partner to challenge us was crucial.”

– Spencer Wicks, CEO