Roy U Moed’s LifeBook has received an investment of £1.6 million from Octopus Investments to expand internationally.
The deal has been closed through Octopus’ Titan VCT 4 and VCT 5 funds which were formed in February 2010 and March 2011 respectively.
LifeBook’s new capital injection will reportedly allow it to ‘rapidly’ scale the business and build its brand after taking two years to develop its proof of concept.
Its service works by creating a personal autobiography for customers by way of face-to-face interviews with a ghostwriter.
As part of the deal, Alan Wallace, director on the ventures team at Octopus, is set to join the board of LifeBook alongside Robert Scott Moncrieff from the Octopus Venture Partners network of business leaders and entrepreneurs.
LifeBook chairman Moed says that the business has already invested a ‘significant’ amount of energy in developing the company’s concept.
He adds, ‘We’re incredibly passionate about our proposition – we believe that the act of recalling and telling of a life story is of the utmost value.’
Wallace comments, ‘We were impressed with the company’s business model and we’re excited about its vision to scale the business in the future.’
Octopus’ Titan VCTs consist of five funds, the first of which launched in December 2007, target early stake UK companies.
The Titan VCT 1 fund has recorded a one year return of £100.1 and three year return of £98.6 based on an original £100 investment.
Octopus’ Titan VCT 4 and VCT 5 have total assets of £20.8 million and £13.5 million.