Digital and creative fund on track, says AXM
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AXM Venture Capital, which is running the £15m fund, has so far invested nearly £3m.
It can make equity investments of between £50,000 and £1.5m and must invest the money by the end of 2015. It is aiming to support about 44 businesses.
Investment director David Smith, pictured, said: “We’re doing well, we’ve hit our targets. The investments are still fairly small sums of money in growth businesses because this is genuine risk investment.”
Four of the 13 companies have received follow-on funding, with Azullo, a Lancaster-based web developer attracting three rounds of investment. Liverpool computer games publisher Ripstone has attracted secondary funding as have Daresbury-based Autology World and Manchester software developer Camiloo.
“We’re ahead of our targets and the pipeline is looking good,” said Mr Smith. “Enquiry levels are high and the portfolio’s performing well.”
AXM’S investment team for the North West Fund also includes Fred Mendelsohn, Joanne Evans, Rupert Wingate-Saul and Rajesh Sharma.
North West Fund 4 Digital and Creative investments (deal values given where disclosed)
June 2011 Manchester e-commerce software developer Camiloo
June 2011 Daresbury-based e-learning platform developer Autology World – £200,000
July 2011 Lancaster-based online advertising platform Azullo
December 2011 Liverpool computer games publisher Ripstone (Was Rebel Play)
December 2011 Liverpool web solutions firm Hammerkit (joint deal with EV) – £435,000
March 2012 Azullo (follow on)
March 2012 Camiloo (follow on) – £100,000
March 2012 Wigan-based online lifestyle magazine Female First (First Active Media) – £350,000
March 2012 Liverpool student guide publisher Survival Media
April 2012 Ripstone Limited (follow on)
April 2012 Autology World (follow on) – £200,000
April 2012 Liverpool computer games publisher Setgo
April 2012 Liverpool music publishing firm Sentric Music
June 2012 Liverpool payment processing software firm Adaptis
June 2012 Cheshire scientific, medical and technical publisher Texere
July 2012 Burnley-based nursery management software firm Connect Technology
August 2012 Warrington visual effects firm Carbon Digital
September 2012 Azullo (follow on – 3rd round)