Into Technology gets fourth round of funding in two years

IT product supplier Into Technology, which trades through its subsidiary, has secured funding of £1.25 million from a consortium of investors. This is the fourth round of funding the Cheshire-based company has received in the two years since its launch.

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 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.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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