Stagwell Group secures $260m in funding
Founded in 2015 by Mark Penn and Steve Ballmer, Stagwell’s portfolio of companies also includes telecoms researcher HarrisX, entertainment research firm National Research Group (NRG) and performance marketing agency Forward3D. The group has made 17 investments in three years.
The funding is the firm’s first outside investment since launch. The Stagwell Group’s management is not affected by the transaction.
Penn, managing partner of the Stagwell Group (pictured), said the investment would support its aim to create "a network of strategists and tacticians that is nimble and digital-centric, building a go-to resource for brands".
Julian Rampelmann, managing director, AlpInvest Partners, said: "Stagwell’s portfolio continues to expand rapidly with exciting new capabilities and geographic reach that will allow [the group] to compete on a global basis."
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