London-based investor group Endeavour Ventures has raised £4 million for the former subsidiaries of listed software group Tadpole.
London-based investor group Endeavour Ventures has raised £4 million for the former subsidiaries of listed software group Tadpole.
The funding has been injected into Acresail, the vehicle set up in 2008 to acquire the Tadpole businesses, which specialise in technologies used to enable cloud computing. They are Endeavors Technologies Ltd, Endeavors Technologies Inc and Stream Theory (none of which had any connection or relationship with Endeavour Ventures before the take-private deal).
Bill Cunningham, a director at Endeavour Ventures, tells GrowthBusiness the decision was taken to close the fundraising round because the businesses are now bringing in money, with a $1.85 million (£1.2 million) sale achieved in February this year.
Adds Cunningham, who led the fundraising, ‘That we have been able to raise these funds directly from investors throughout a turbulent financial period is a testament to the technology that we acquired, the market opportunity [cloud computing] presents, and the inherent strength of the initial transaction.’
Endeavours Ventures director Paul Hacker has led the Endeavors Technologies businesses as CEO since they were acquired from Tadpole. The group also has a new chairman, Osman Kent, who was the co-founder and CEO of NASDAQ-listed 3Dlabs, and who contributed £250,000 to the fundraising round that has just closed.
Endeavors Technologies is based in the UK with an office in the US.
