Adventoris has closed a £600,000 angel funding round with help from the government co-investment scheme, the Angel CoFund.
Institutional and private investors are coming together alongside the Angel CoFund to back the business, which has developed an online cloud-based software product (SwiftCloud) aimed at communication.
The business was founded by James Clarkson and Tim Longton in 2012 and is currently located at the 3M Buckley Innovation Centre in Huddersfield.
Adventoris now backs a growing list of businesses (32 to date) which have been backed by the £100 million Angel CoFund including event booking smartphone app YPlan and retail software business 4th aspect.
George Whitehead, chairman of the Angel CoFund, comments, ‘By investing alongside business angels into SMEs from across the UK, our goal is to both support angel investment, and to ensure that money gets to good, scalable businesses.
‘We are very excited about this investment, and look forward to watching the successful launch of SwiftCloud in November, and beyond.’
More on the Angel CoFund:
- Fund hits one-year mark with 18 deals worth £24 million
- Five angel networks to lead £50 million fund
- Angel CoFund makes first five commitments
According to Adventoris, SwiftCloud will be available on tablet and smartphone devices via an app-based front end. The product has been developed using Oracle technology.
Clarkson, CEO of Adventoris, adds, ‘This funding represents a major milestone for Adventoris. It’s a resoundingly positive endorsement of the opportunity we have identified – and the team we have built.
‘Cloud services is a large and buoyant market – in fact UK SMEs spent £203 million last year alone, which is forecast to grow to £547 million by 2015.’
Amongst the new angel investors in Adventoris is Peter Armitage, partner at private equity firm Key Capital Partners.
Taking up a non-executive role at the business, Armitage says, ‘The team have developed a compelling product that has the potential to exploit a huge market opportunity.
‘I don’t make many personal investments but I’m very happy to make this one.’
