Software developer gets cash boost
A LIVERPOOL software developer is expanding following a £50,000 investment from the Merseyside Special Investment Fund (MSIF).
Setgo creates games and technology for online networks such as Facebook and Hi5.
According to the business its first release Castaways has a growing audience of several thousand players.
The company was formed in 2010 by former Sony executives – Clemens Wangerin, Christian Lavoie and Jason Chown.
Mr Wangerin, managing director, said: “MSIF have been very supportive and had a good understanding of our sector which enabled us to get the funding through quickly. The loan has enabled us to secure additional finance as well as fund the continuing development, marketing and revenue of our existing title. We are also looking to penetrate new markets abroad particularly in South America and Europe.”
The money was secured through the Northwest Regional Development Agency’s (NWDA) Small Loans for Business scheme.
MSIF investment manager Chris Walters said: “Clemens and his team have tapped into a new market within the games industry and the product is already doing very well. The games industry in Liverpool is still thriving and it’s great to see small companies like this doing well.”
Setgo employs six staff and expects to create at least a further 10 jobs over the next five years.
