Software firm receives ERDF investment
The North West Fund for Digital & Creative has agreed a £100,000 follow-on investment in Camiloo, a Manchester-based software developer for online retailers.
The investment will support the marketing and sales of Camiloo's Channel Unity, which allows traders to integrate existing online stores into multiple marketplace websites. The platform asks traders to describe their categories and product details. It then creates product listings on marketplace websites around the world.
The Fund also introduced angel investor Clive Grummett to Camiloo. Grummett has a track record of establishing and growing successful IT businesses and has been appointed non-executive chair of Camiloo, based in the Sharp Project.
The deal follows the investment of £50,000 in Camiloo in June 2011 by the North West Fund for Digital & Creative, which is part of the £185m North West Fund financed by the European Regional Development Fund and The European Investment Bank.
Mark Newby, managing director of Camiloo, said: "Channel Unity has a number of unique innovations which update multi-channel e-commerce for the post-PC connected world of 2012. It is all about making life easier for retailers who don't have the time to spend weeks setting up software. We are delighted to have the continued support of the North West Fund for Digital & Creative to bring it to market."
Joanne Evans, investment manager at AXM Venture Capital, which manages the North West Fund for Digital & Creative, said: "Camiloo has already successfully moved from one-time sales of software licences to a subscription model for software services. Our continued investment demonstrates our confidence in the future development of the company and will enable Camiloo to grow its team to support the ongoing roll out of services."
The North West Fund for Digital & Creative provides finance from £50,000 to £1.5m to businesses seeking funding to support a broad range of needs from start-up and early stage development through to expansion plans for trading businesses. In return, the fund takes an equity stake in the business.
The North West Fund is a £185m evergreen investment fund financed by the European Regional Development Fund and the European Investment Bank.
