GovToday raises £700k for growth

PUBLIC-sector focused media platform GovToday has raised £700,000 to grow its sales, digital and conferencing business.

The funding round for the MediaCity-based small business, comprising equity and debt, was led by The North West Fund for Digital & Creative.

Founded in 2008 GovToda has established a strong brand in the UK government and not-for-profit sector, organising conferences with 12 month strategic partnerships for both public sector and sponsors alike – to allow the public sector to communicate policy, whilst generating revenues from commercial sponsors.

In May venture capitalist Osprey Capital took a stake in the business, which employs 48 people.

The investment was supported by Osprey Capital and by loan finance from NatWest Bank.

Richard Taylor, co-founder and digital director at GovToday, said: “This current wave of investment, and AXM’s experience in the digital and creative industries, combined with our current board of David Wade-Smith as Govtoday’s chairman, Erica Ingham as finance director and Ronan Kearney’s expertise in the financial markets, offers us a fantastic opportunity to expand our digital platform and events portfolio both in the UK and also into new markets and countries.

“This investment will boost key appointments across our digital, sales and editorial staff.”

David Smith, investment director, AXM Venture Capital, which manages The North West Fund for Digital & Creative, said: “We are delighted to have led a substantial round for GovToday.

“The team has enormous energy and dynamism, and we are confident that they will become the leader in this sector, serving a very clear need within the public sector.”