Web marketing software business 4th aspect has now raised £750,000 since its foundation following its latest funding round.
A consortium of business angels are backing the growth ambition of 4th aspect with help from government funding pot the Angel CoFund.
The £400,000 of newly acquired growth capital will sit alongside the £250,000 the business secured from River Capital Partners and Tweed Renaissance Investors Capital earlier in the year and takes funding to date up to £750,000.
Tyne and Wear-based 4th aspect has produced a software product which is used by online businesses and high street retailers to help with web marketing. Having been set up by husband and wife team Claire and Dave Glynn in 2010 following the sale of a previous company, the company now has seven staff.
Dave Glynn, CEO of 4th aspect, comments, ‘This latest investment will allow us to further expand our team, develop some really innovative functionality and push our product out to a broad customer base.’
Prior to the funding round, 4th aspect recruited Neil Jolliffe as sales director to bring in added international software sales experience.
Back in July, GrowthBusiness was given an exclusive look at how the Angel CoFund was expanding its reach across the whole of the UK, rather than only in select areas.
More on the Angel CoFund:
- Fund hits one-year mark with 18 deals worth £24 million
- Five angel networks to lead £50 million fund
- Angel CoFund makes first five commitments
At that stage, the capital pot had closed 28 deals during its 18-month existence. Speaking then, George Whitehead, non-executive chairman of the Angel CoFund and venture partner manager at Octopus Investments, said that what has surprised him the most is the size of rounds that it has been involved in. ‘Starting out, I thought it would be about £500,000, but it is now actually averaging out at about £1.4 million,’ he explained.
Commenting on the new investment in 4th aspect, Whitehead says, ‘Our aims are to both support angel investing, and to get cash to good businesses that can truly use the money to scale up.
‘We are delighted to be able to work with the TriCap angels and to invest in 4th aspect, a business that we believe has real potential, and we look forward to watching the team there go from strength to strength.’