Midven’s Early Advantage fund has led a £250,000 investment in a self-serve advertising platform.
Staffordshire-based adizio has netted a quarter of a million pounds worth of investment from a pool of backers.
The business, which was set-up by Nick Moutter in 2012, provides a targeted local advertising service.
Venture capital firm Midven has provided £100,000, with the remaining balance coming from Playfair Capital and Doug Scott, owner of dv.co.uk and carrentals.co.uk.
Moutter comments, ‘As a marketer I always found it difficult to be able to purchase quality online inventory in-house, without having to go to agencies with a minimum of £20,000 to spend per month.
‘I soon realised this huge market needed a solution and direct access, as well as being able to give publishers the ability to sell and manage their own inventory.’
The investment is the second that Midven has closed through its Early Advantage fund so far in 2013. In January, £75,000 was provided to Caperfly, a business which develops digital entertainment and media applications.
Midven’s Early Advantage fund was set up in 2009 to provide investment alongside business angels and other private sector investors in early-stage and small businesses within the West Midlands.
The £8 million fund was created through investment from the Department of Business, Innovation and Skills, including a grant from the European Regional Development Fund.
More on Midven’s Early Advantage fund:
- Midven launches new early-stage fund
- Midven invests in AccurIC through early-stage fund
- PlayMob nets £500,000 of expansion capital
Gio Finocchio, investment manager at Midven, adds, ‘The adizio management team have developed a cost-effective, simple to use platform which puts businesses firmly at the forefront of local advertising, and we see this as an opportunity to help them grow by investing in technological development as well as marketing and, in turn, growing the profitability of the business.’