The backing comes from investors including the North West Equity Fund (NWEF), one of nine government-backed funds covering the English regions; Rising Stars Growth Fund, which focuses on early-stage companies in the North of England; and Liverpool Seed Fund. The company’s management is also investing, together with new private backers.

NWEF, which is contributing £250,000 on this occasion, also invested in Into Technology’s second round of funding last July. Investment executive Jason Austin tells GrowthBusiness.co.uk that NWEF, which can invest a maximum of £250,000 at any one time, may contribute to any future rounds in order to avoid dilution.

‘[Into Technology] has transformed the online business model in the sector it operates in,’ says Austin. ‘Its revenues have gone from zero to over £1 million per month since we first invested.’

Austin adds that the company has developed proprietary technology, called IntoScape, to ensure that its prices remain competitive.

‘It’s a very exciting technology in and of itself, and it has multiple potential applications both in the online space and in more traditional supply chains,’ he says.