Software company Connexica Holdings has secured £250,000 from Midven’s Exceed Midlands Advantage Fund.

Software company Connexica Holdings has secured £250,000 from Midven’s Exceed Midlands Advantage Fund.

Established in 2006, Staffordshire-based Connexica currently employs ten staff and sought the funding to expand its workforce and develop its sales and marketing strategy.

Connexica has developed a business intelligence software product called NetSearch, which allows users to index and analyse large volumes of data. NetSearch is used by customers including NHS Trusts and the Department of Health.

Surjit Kooner, investment director of Midven’s Exceed Midlands Advantage Fund, comments: ‘The Midlands has developed a strong core of high-tech businesses such as Connexica, and Midven is keen to be involved in expanding this sector.’

The £18 million Exceed Midlands Advantage Fund is financed by Lloyds TSB Development Capital (LDC), Advantage West Midlands and the European Regional Development Fund. Established in March 2010, the Exceed Fund can invest up to £750,000 in high growth businesses in the West Midlands.

Midven is a privately owned commercial fund manager with five funds under management totalling £61 million and invests in a variety of sectors such as software and biotechnology.