Formisimo on form with £350k investment
AL Mackin, the founder of Manchester search firm TheEword, has secured £350,000 equity funding for his other business, Formisimo.
The North West Fund for Digital and Creative has invested as part of a syndicate which also includes two London-based investors and Seedcamp, which backs start-ups.
The business has taken space at MediaCityUK and plans to emply 14 staff in the next year.
Formisimo measures and analyses consumer behaviour in online checkouts and online forms, showing companies how they can make small adjustments to improve sales. The company says 67% of people who start typing in an online form do not complete the buying process.
The company launched last May and has already worked with 1,000 clients including large companies such as Travelex, WeBuyAnyCar, Asda, Virgin Active, and The FT.
It has received mentoring from Google, which will continue to be involved, and has signed up Anish Kapoor, the co-founder of data centre business Telecity, as an advisor.
Mr Mackin, who set up the business with Tom New, said: “We’ve self-financed Formisimo and have seen significant growth, with a thousand customers in over sixty countries. With the support of our investors, advisors and mentors we can enhance our current offering, grow our team in Manchester and create further ways that make it easier for consumers and businesses to exchange information.”
AXM Venture Capital manages the North West Fund’s digital and creative pot. Investment manager Rupert Wingate-Saul said: “Formisimo’s platform elegantly meets a real need in the e-commerce market. The management team combine genuine commercial experience and huge ambition and we are confident in their ability to make a success of the market opportunity. We are equally delighted to support their strategy of returning the business to the North West and growing the team at MediaCity.”
