YFM, which manages ten funds including two VCTs, invested in Mantic Point through the Yorkshire & Humber Equity Fund (YHEF) and Partnership Investment Finance (PIF).

The amount of the funding was not disclosed, but regional venture capital fund YHEF can invest a maximum of £250,000 in an initial tranche, and PIF makes investments of up to £1.5 million.

Mantic Point provides a white-label service that delivers information to travellers’ mobile phones. In addition to updates on flight delays, the service can offer weather reports, traffic information and destination guides.

For airline clients such as Monarch Airlines and easyJet, the service generates revenue by allowing advertisers such as airport retailers and travel insurance providers to target affluent air travellers.

With the aid of YFM’s funding, Mantic Point plans to target other airlines and partners, increase the range of free and paid-for services it offers to passengers, and expand overseas.