Member Article

Camiloo win £100,000 investment

The North West fund for Digital and Creative has outlined plans to invest £100,000 in a Manchester based online retail software developer.

The investment will help to support marketing and sales of Camiloo’s ChannelUnity, which allows traders to integrate their online stores into multiple marketplace websites.

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.

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, Camiloo managing director, said: “ChannelUnity has a number of unique innovations which update multi-channel eCommerce 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 and Creative to bring it to market.”

Joanne Evans, investment manager of AXM Venture Capital, added: “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.”

Camiloo was recently crowned venture capital-backed start-up of the year at Techcelerate’s Northern Tech Awards.

This was posted in Bdaily's Members' News section by Ruth Mitchell .