Swindon tech firm smashes crowdfunding targetBy Storm Rannard, Digital Staff Writer
Swindon technology firm Meetonvc, which has developed a platform to provide virtual meeting rooms for businesses, has passed its crowdfunding target of £200,000.
It has now extended its investment period in a bid to secure further capital to develop the software, expand its sales team and boost marketing activity.
Meetonvc was co-founded in 2011 by Simon Hunt and Phil Marshman. Its technology is deployed on the cloud and provides video conference services.
The company launched the pitch on Crowdcube to secure £200,000 in return for 10 per cent. It has since passed the target and secured more than £206,000 from 40 investors and is now offering investors 10.34 per cent as part of the extended pitch.
In the next three years, it is hoping to secure 15,000 subscribers with revenues of more than £8m and pre-tax profit of £3m. The company's projected valuation is £35m.
Meetonvc's contract with London-based Condeco Software, which designs meeting room and desk booking technologies, also launched last week. The group provides services to a number of blue chip clients, including drinks giant and Guinness brewr Diageo, Rolls Royce, Vodafone, BP, Coca Cola and Deloitte.
The company also confirmed it was finalising another "major" contract.