Mtivity, which has designed its product to help marketing departments operate more efficiently, has secured some £3.5 million.

The consortium was led by existing investor Albany Ventures, which specialises in backing early stage technology companies. It was joined in this deal by YFM Group and private investor network Hotbed.

Mtivity’s chief executive, Patrick Kremer, said the quality of the investors validates the company’s strategy and the investment will “fuel our expansion plan even further”.

Hotbed invested £1.55 million in the company, which was funded by 39 of its members. Its investment was co-ordinated by director Russell Pope, who said the network decided to back the company due to the strength of its product and management team.

“There is a strong management team with significant sector experience and a track record of building and selling early stage software companies,” he added. “Mtivity is an early stage, fast growing software company in a large and rapidly expanding market in its infancy.”

Mtivity, which was founded in 1999, has developed its system to help a company from planning and budgeting through creative and print management to measurement and reporting. The product is used by large corporates, creative agencies, design companies and printers.