Formisimo seeks £500,000 from investors
GROWING digital analytics company Formisimo is seeking £500,000 from angel investors in a new funding round.
The company will share its plan for the next three years at an investor evening at MediaCity on April 16.
Formisimo’s technology analyses what users are doing when visiting a company’s website to buy online or fill-in registration and enquiry forms, and finds out why visitors are abandoning them.
Launched in 2014, the Salford Quays-based company has seen revenues increase significantly, with a compound annual growth rate of more than 700% to February 2015, and a record number of new sign-ups in the first quarter.
Its customers include Toyota, Experian, Arsenal, Secret Escapes, Unicef and Lexus, alongside 1,800 other companies in 87 countries, and it shows them what they can change on their website to increase sales.
The company says new investors will sit alongside follow-on investment from the North West Fund, and the start-up has both SEIS and EIS pre-certification for this round, giving a potential tax benefit.
CEO and founder Al Mackin said: “The phenomenal global growth at Formisimo is down to our fantastic team and a need in the market that only we can fill. We’re just at the start of an exciting journey that could take us to a $100m valuation.
“We’ve created an open business where all our numbers are shared with all our staff, and we want to carry this ethos forwards to the way that we engage with potential investors – that’s why we’re putting on an open event, where we’ll share the numbers behind our success, and our plans for the next three years.”
Mackin and co-founder Tom New will lead the presentation on the evening with chief technical officer Doug Read and non-exec Keith Wallington.
Rupert Wingate-Saul, investment manager at AXM Venture Capital, which has invested in the business already said: “We’ve backed Formisimo as their management team combine genuine commercial experience and huge ambition, and we are confident in their ability to make a success of the market opportunity.”
To attend, register at http://www.eventbrite.co.uk/e/formisimo-angel-investor-event-tickets-16293868399
