A business based at Manchester’s MediaCity has netted £700,000 from the North West Fund for Digital & Creative.
GovToday has closed an equity and debt funding round worth £700,000 with help from AXM Venture Capital.
The business-to-business communications business will be using the funds to extend its conference programme into new policy areas and subjects and growing its sales resource. Currently, GovToday combines an online portal communicating with public, private and third sectors, as well as a programme of events and conferences.
Joining AXA Venture Capital, which has invested through The North West Fund for Digital & Creative, is Ronan Kearney through his Osprey Capital vehicle. Back in June, Kearney began his interest in GovToday when he injected an undisclosed amount.
Richard Taylor, co-founder and digital director at GovToday, comments, ‘This current wave of investment, and AXM’s experience in the digital and creative sectors, combined with our current board of David Wade-Smith as GovToday’s chairman, Erica Ingham as finance director and Ronan Kearney’s expertise in the financial markets, offers us a fantastic opportunity to expand our digital platform and events portfolio both in the UK and also into new markets and countries.’
More on he North West Fund for Digital & Creative:
- First funding deal for Connect Technology Group
- Adaptis Solutions gets help from regional backer
- Camiloo and Autology take Digital & Creative Fund finance
Taylor adds that part of the £700,000 will go towards making ‘key’ appointments in the company’s digital, sales and editorial staff. According to a statement, its digital publishing arm is developing into a ‘valuable’ source of revenue independently.
David Smith, investment director at AXM Venture Capital, says, ‘The team has enormous energy and dynamism, and we are confident that they will become the leader in this sector, serving a very clear need within the public sector.’
The last time that the Digital & Creative arm of the £155 million North West Fund made a commitment was back in August when Liverpool-based mobile technology platform Branded Reality secured an undisclosed seed equity investment.