The Durham-based company is developing technology that allows users to create, edit and distribute business webcasts and webinars.

NSEI had already invested £60,000 in WorkCast earlier this year as proof-of-concept funding. This latest follow-on investment will be used to support the development of the technology and ramp up sales and marketing efforts.

Chief executive Gerard Callaghan describes the fundraising as a ‘major vote of confidence’ in the company and its products, while Michelle Cooper, an investment manager at NSEI, says WorkCast is ‘well positioned to be a significant player in the online business webcasting market’.