Midven invests in Webmoco
A Leamington Spa-based company which provides software and development services to a number of top brands has secured total investment of almost £700,000 from venture capital specialist Midven.
Webmoco has developed a software as a service (SaaS) product to provide an electronic-based reporting system across multiple platforms.
Established in 2010 by Matthew Pearson and Carl Berisford-Murray, Webmoco provides web design and development, mobile application development and software and e-commerce services. Among its clients are the likes of H. Samuel, the Royal Horticultural Society and the RSPCA.
Midven's Exceed Fund will invest £680,000 over three tranches to help the company continue its product development as well as providing further growth capital.
Co-founder Matthew Pearson said: "Though we have made substantial progress in developing the software product, we are now keen to move at a pace which suits our ambitions, and this funding is necessary to help us do that."
Midven investment executive John Slaughter added: "Webmoco has been making excellent progress with the software product and it is now gaining traction. It is highly scalable and the target market is significantly large, we are confident they will realise the potential and rapidly grow the business."
Birmingham-based Midven, which runs five funds representing £74m under management, is a privately owned commercial fund manager investing in small and medium-sized enterprises in the Midlands.