Online retailer PointOV, tipped to be the ethical version of Amazon, has received £800,000 in a funding round led by the NorthStar Equity Investors (NSEI) Co-Investment Fund. The funding comprises £500,000 from NSEI and £300,000 from business angels.

Online retailer PointOV, tipped to be the ethical version of Amazon, has received £800,000 in a funding round led by the NorthStar Equity Investors (NSEI) Co-Investment Fund. The funding comprises £500,000 from NSEI and £300,000 from business angels.

This is the second time in nine months that NSEI has invested in PointOV, after backing the firm with £200,000 in June 2006.

During NSEI’s first investment, PointOV had just started to develop its operations. Less than a year on, the firm has doubled its staff to 14 and generated turnover in the region of £1 million. This second round of funding aims to boost growth, with the company looking to make a £3 million turnover, employ a further 16 people and expand its premises by next year.

PointOV director Vic Morgan says: ‘In a couple of years we could be in a position for a public share sale, just like Cafédirect and Body Shop have done. They encouraged their core customers to be more active in their support by buying shares.’

Newcastle-based PointOV was founded in 2004. It sells some 1,500 eco-friendly and fair trade products, from tea and chocolate to books, solar panels and iPod chargers.