Midven has closed another deal through its Early Advantage Fund and added digital business Portal Entertainment to its portfolio.
Birmingham-based Portal Entertainment has netted an undisclosed investment from venture capital firm Midven to help with the construction of an app.
Three year-old Portal Entertainment uses digital platforms to provide stories which it says change based on audiences’ reactions.
According to the business, it uses writers, psychologists and technologists to develop stories needing audience participation.
It will be using the investment capital to complete film selection app www.thrillmenow.com, which aids viewers in selecting a film based on an emotional response to a trailer.
Julian McCrea, founder and chief executive of Portal, comments, ‘We’re now at a stage where we are rolling out our products – suspense thrillers for digital platforms where the audiences can actually take part in the story.
‘We are at the very cutting edge of this and help for our companies like ours through investment and practical knowledge and support is vital if we are to capitalise on our situation and continue to expand.’
Midven’s 2010 £8 million Early Advantage Fund, which provides investment for start-up and early-stage businesses in the West Midlands, has now made five investments during 2013. Those added to the portfolio include: fuel cell and electrolysis catalyst technology Amalyst; digital entertainment and media applications company Caperfly; self-serve advertising platform Adizio and business intelligence tools service Activ8 Intelligence.
More on Midven’s investments:
- Advertising platform gets help from angels and Midven
- PlayMob nets £500,000 of expansion capital
- Midven invests in AccurIC through early stage fund
Steven Greenall, investment director from Midven, adds, ‘This is a fantastic example of a cutting edge company at the heart of the West Midlands developing innovative uses of software to improve viewers’ access to quality content.
‘What they are producing is not just exciting, but will help people find the content they want to watch and provide a platform through which they can truly engage.’