Igloo accepts £255,000 growth investment from Midven

Digital projection developer Igloo has accepted more than £255,000 in equity investment from fund manager Midven to fund further growth.

Igloo, based in Craven Arms, Shropshire, is a developer of ‘360 degree immersive digital projection’ that can be used at product launches, corporate entertainment, music and sporting events.

The company, which employs eight people, has developed its own software tool – the Igloo Media Player – that projects 360-degree images.  It has also created a range of geodesic domes, which accommodate anything up to 1,000 people.

It has already worked with clients such as Sky, Toyota, Miele and UK Trade and Investment (UKTI), and is now receiving enquiries from media and events companies worldwide. Igloo is also adapting the technology for use in other applications including projection mapping, use in the intelligence sector, advertising and even for floating balloon billboards.

Surjit Kooner, a director of Midven, whose Exceed Fund is making an investment of more than £255,000, says Igloo has demonstrated both innovation and marketing skills.

Kooner comments, ‘Igloo has recognised the potential of 360 degree projection. In the past, such technology suffered from poor quality projection, but Igloo has improved the experience to the extent that major brands are recognising the potential for product launches and marketing.’

Igloo chief executive Dennis Wright adds, ‘The Midven investment will help us to take the company to a whole new level. We can buy more powerful technology, we can develop new applications, and we can get our message across to more people.’

Birmingham-based Midven is a privately owned commercial fund manager that invests in small and medium-sized enterprises in the Midlands. Midven manages five funds representing £61 million under management, with the £18.4 million Exceed Fund established in December 2009 to invest in high-growth businesses in the West Midlands.

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.

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