A second seed investment for my1login has added to the £640,000 it received back in 2012 and is set to allow the company to ramp up its growth plans.
The deal has been led by the Scottish Investment Bank, the investment arm of Scottish Enterprise, as well as TRI Capital, Equity Gap and a number of angel backers – including Donald Cameron, a serial technology entrepreneur.
Glasgow and Palo Alto-based my1login provides a service to help with the remembering, management and sharing of business passwords for teams and colleagues.
Founded in 2012, my1login will be using the new injection of capital to target what it calls the ‘rapidly growing’ business security market.
Mike Newman, CEO of my1login, comments, ‘my1login protects businesses of all sizes from the growing threat of online crime by providing a password management solution that allows businesses to manage and securely share passwords with colleagues and teams.
‘This investment marks an important milestone for us and will allow us to increase our growth rate significantly.
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Having now netted £1 million of seed capital, my1login says that the business has plans to close a Series A round at the start of 2014.
Its first round in 2012 was worth £640,000, comprising half equity investment and half grant investment. The equity part was a combination of founder investment plus £230,000 of venture capital investment.
Its latest round takes total seed investment to £1 million, made up of an additional £46,000 grant funding and £304,000 venture capital – a significant increase in commitment from private investors.
The business soft-launched its free business service in May to smaller firms, and is charging £1.30 per user for larger companies.
Kerry Sharp, head of the Scottish Investment Bank, says, ‘It’s ventures like these we’re here to support.
‘This is an innovative and forward-thinking company that has shown a clear commitment to growth and we look forward to continuing to work with and support it as it develops.’
The Scottish Investment Bank manages a number of funds including the Scottish Seed Fund, the Scottish Co-investment Fund and the Scottish Ventures Fund.
New backer TRI Cap, which is a Scottish angel investment syndicate, was ‘very impressed’ with my1login’s technical and market knowledge, chairman Rob Dick says.
He adds, ‘We are looking forward to developing our relationship with the team at my1login, during what should be an exciting period for the company.’
