Gyro International, the integrated business-to-business agency, has raised £6m to expand its international network.
Gyro is diversifying into consumer marketing and last month won Virgin Atlantic’s £4m below-the-line business, as first revealed on marketingweek.co.uk. It is thought the £6m figure will be used to continue the move into consumer marketing abroad.
The agency is expected to open a new office in Paris before the end of November. That will be followed by new offices in other “key strategic markets” and the agency is also looking to make acquisitions to achieve its aim of becoming the world’s largest independent agency network. It already has offices in London, Geneva, Stockholm, Amsterdam, Dublin, Hamburg, New York and San Francisco.
The £6m was raised from an investment syndicate led by Octopus Investments, which raised £3m for Gyro in February last year.
Gyro founder and chief executive Gary Brine says: “This latest round of funding will ensure that we can accelerate our growth and reach our stated goal of being the largest independent agency network within the next few years.”
Gyro was founded in 1991 and its clients include T-Mobile, Moss Bros and Tate & Lyle. It won Virgin Atlantic’s business following a pitch against three undisclosed agencies. The airline did not previously have a retained direct marketing agency.
Virgin Atlantic began contacting agencies in August after deciding to increase its investment in below-the-line. Gyro will handle data, creative and electronic customer relationship marketing for the airline.