Document storage company BOX-IT has received £2 million to support its merger with electronic archiving firm Stortext.

Document storage company BOX-IT has received £2 million to support its merger with electronic archiving firm Stortext.

Octopus Ventures invested the money on behalf of the government’s Capital for Enterprise Fund, which was set up to help businesses struggling to secure finance in the credit crunch.

Rupert Bell, investment director at Octopus Ventures, says, ‘BOX-IT has continued to grow over the past few years, demonstrating its resilience to the economic downturn, which is testament to the quality of its offering and management’s focus and drive.’

Bell and Scott Barham led the deal on behalf of Octopus. Octopus’ principal advisers were law firm CMS Cameron McKenna, commercial due diligence specialist CIL and accountant BDO.