Camiloo gains more cash
A MANCHESTER-based company which creates software for online retailers has received a £100,000 follow-on investment from the North West Fund.
Camiloo had already received £50,000 from the North West Fund for Digital & Creative, managed by AXM Capital, back in June last year, and is set to use the extra cash to support a sales and marketing push for its ChannelUnity product.
This is a software product that allows traders of any size to integrate their online stores into multiple marketplace websites such as ebay in minutes.
The platform asks traders to describe their categories and product details.
It then creates product listings on marketplace websites around the world.
Angel investor Clive Grummett, who has a track record of establishing and growing successful IT businesses, is also joining Camiloo as non-executive chair.
Camiloo managing director Mark Newby said: “ChannelUnity has a number of unique innovations which update multi-channel eCommerce for the post-PC, connected world of 2012.
“It is all about making life easier for retailers who don’t have the time to spend weeks setting up software. We are delighted to have the continued support of the North West Fund for Digital and Creative to bring it to market.”
Joanne Evans, investment manager of AXM Venture Capital, said: “Camiloo has already successfully moved from one-time sales of software licences to a subscription model for software services.
“Our continued investment demonstrates our confidence in the future development of the company and will enable Camiloo to grow its team to support the ongoing roll out of services.”
Camiloo was recently named venture capital-backed start-up of the year at Techcelerate’s Northern Tech Awards.
