Barclays loans £3m to online print and design firm Moo
Barclays has offered a £3m revolving credit facility from its Fast Growth Technology Fund to print and design firm Moo, enabling the bespoke online stationer to invest in marketing and R&D.
This follows a period of rapid growth at the business which has seen it expand by 44 per cent per annum in each of the past three years.
Launched in 2006 Moo specialises in a portfolio of customisable business cards where customers can specify different images for each card in every pack by selecting pre-prepared in-house designs or uploading their own material.
Benjamin Smith, financial director, MOO, commented: “MOO’s success lies in individualising otherwise ubiquitous products, so it’s vital that MOO continues to develop and innovate at all times. Reaching a wider audience requires a ramp up in promotional activity, and investing in product development to ensure we continue to deliver innovative products that people love.”
Hemal Rawal, relationship director, Barclays’ technology, media and telecoms team, added: “Until now, this type of lending has not been widely available to UK businesses at this critical stage in their development, whereas their US counterparts have been able to grow rapidly through access to debt finance at this post start-up phase”.