Business

Michelle Mone takes up board seat at Ve Global

Michelle Mone
Michelle Mone Michelle Mone

ENTREPRENEUR Michelle Mone has joined Ve Global, beefing up the board of the former tech unicorn which is pushing through a financial turnaround.

The advertising technology company has appointed Baroness Mone as a non-executive director as it looks to draw on her retail experience to drive growth.

Ve Global - formerly known as Ve Interactive and valued at more than one billion US dollars - is eyeing a return to profit in 2018 as a company overhaul begins to take hold.

The Scottish founder of lingerie brand Ultimo said: "With my relationships in the retail world, I see the true value of their data, which not only drives online sales but fundamentally transforms the customer journey online through greater personalisation and targeting.

"Ve has an incredible team of more than 400 staff with locations in 18 territories around the world. This too attracted me as it shows that we have the breadth of skills and expertise to achieve something truly remarkable."

The appointment marks another step into the tech industry for Lady Mone, who has invested in tech firm We Shop and started selling luxury Dubai flats through Bitcoin last year.

Alongside Lady Mone, the tech firm has appointed financial trading expert Duncan MacInnes and investor Mark Turner.

Ve Global, which has 10,000 clients worldwide, was burning through £2 million a month when it collapsed into administration in April 2017.

Since then, it has secured £15 million from investors, let go of around 100 UK staff and shifted into new offices at the White Collar Factory in London's Old Street.

Morten Tonnesen, Ve chief executive, said: "We are very pleased to welcome Lady Mone OBE, Duncan and Mark to the company.

"The expertise they bring will be of huge benefit to Ve and will be integral to consolidating our strong position in the market while also developing an even better service to our clients."

Ve Interactive founder David Brown left the business earlier this year after coming under fire for the firm's exorbitant spending under his tenure.