Braveheart Investment Group has completed a £500,000 funding round for Glasgow-based web technology developer AppShare, whose CEO expects turnover to hit £50,000 per month next year.

Braveheart Investment Group has completed a £500,000 funding round for Glasgow-based web technology developer AppShare.

The AIM-listed growth capital manager says other investors, in this fourth round for the company, include Strathclyde Innovation Fund, the Scottish Investment Bank, the University of Strathclyde and several individuals in the Braveheart investor network.

AppShare’s technology allows software applications to be wirelessly shared between users at different locations, and has already been successfully piloted by an undisclosed UK listed company which plans to install it across their network.

Geoffrey Thomson, chief executive of Braveheart says: ‘We are excited by the growth and progress of AppShare in delivering collaboration software which provides substantial savings for its customers.’

AppShare was recently recognised as a new vendor in the Gartner ‘Magic Quadrant for Web Conferencing’, which ranks the industry’s best web-conferencing products.

Stephen Behan, CEO of AppShare says: ‘Having successfully piloted our technology, with Braveheart’s continued support we can now launch the first production version of the AppShare scalable collaboration suite.

‘Our software is unique because it is completely secure and cost efficient, and we expect company turnover to hit £50,000 a month by June 2012.’