Further expansion into Europe has been targeted by IOVOX after the business secured the funding it needs to drive the initiative.

IOVOX provides a platform which gives real-time visibility into aspects of telephone traffic. The technology allows customers to track, analyse and make the most of lead generation from phone campaigns.

The funding from Octopus Investments, the firm behind deals with property website Zoopla, subscription snack service Graze and hotel flash sales company Secret Escapes, will also be used to grow its sales team and product development capability.

The deal has been made on behalf of investors in the Octopus Titan Venture Capital Trust funds, Octopus Eureka and the Octopus Venture Partners, a network of business leaders, entrepreneurs and private investors.

Ryan Gallagher, CEO and founder of IOVOX, says that when a business receives an inbound call it is difficult to understand what has led that person to make the call.

‘We enable companies to measure the effectiveness of offline marketing campaigns in a very novel way and we are really excited about working with Octopus to expand our services into new geographies,’ he adds.

IOVOX’s services are currently used by telecoms company BT and reservation service Livebookings.com.

The business has a ‘young and dynamic management team’ and a ‘strong and driven CEO’ says Alliott Cole, a principal on the ventures team at Octopus Investments.