Camiloo recieves £50,000 investment
Mobile and desktop service developer for online retail companies, Camiloo has received a £50,000 investment from AXM Venture Capital Limited.
The investment into the Salford company was the second made through the North West Fund 4 Digital & Creative, and sees the venture capital company take a minority stake in Camiloo.
Mark Newby managing director of Camiloo commented: “We have worked hard to make our Company an investible proposition for AXM Venture Capital. We began trading just over two years ago from a spare room in an apartment, a story I think will sound familiar to many start ups in the region. We now look forward to the launch of our first major platform the evolution of the product which has proven fundamental in our growth."
David Smith, investment director of AXM Venture Capital, explained that in addition to looking to invest between £500,000 and £1m in individual deal, the company was also aiming to place seed investments of around £50,000 into a number of media and digital companies in the North West of England.
“Camiloo is a great example of a such a business: a potentially high growth business with an innovative solution to a known problem in the market place, already scaling-up on an international basis where there is the opportunity to make further larger rounds of investment according to the companies' needs,” added Smith.