Investment into software company tops £1.3m
A SOFTWARE company which has developed a unique product for the education sector has received a further £450,000 investment from The North West Fund to support its growth.
It is the third round of funding for Liverpool-based Collabco and brings the total amount invested to more than £1.3m. The funding has been provided jointly by The North West Fund for Venture Capital, managed by Enterprise Ventures, and The North West Fund for Digital & Creative, managed by AXM.
Collabco’s myday system enables universities, schools and colleges to present students with all the information they need in the form of an app, allowing them to view timetables and learning materials, access library and other services and make payments via their mobile or laptop.
Launched in 2011, myday is now used by 12 higher education institutions throughout the UK, with recent customer wins including Falmouth, Highlands & Islands and Wolverhampton universities. The new funding will support its sales and marketing efforts and allow for continued development of the software.
Executive chairman Jim Chambers said: “After a successful 2015, during which our user base grew by more than 50 per cent, Collabco is poised for major expansion and entry into additional overseas markets, which this investment will fuel.”
Will Clark of Enterprise Ventures, which manages The North West Fund for Venture Capital, said: “myday is a unique system which allows higher education institutions to engage more effectively with students.
“Collabco has made real progress during 2015 and is now pursuing opportunities in Denmark and Sweden. This latest funding round will allow it to create an improved, feature-rich platform, develop a comprehensive overseas partner network and scale up its operation.”
David Smith of AXM, which manages The North West Fund for Digital & Creative, added: “It has been a delight to watch the progress made by this management team in growing Collabco since our first investment, to the point where we have the confidence to make this significant additional investment.”
The North West Fund for Venture Capital and The North West Fund for Digital & Creative are financed jointly by the European Regional Development Fund and the European Investment Bank.
