Trivia software company raises investment for global expansion
Yorkshire-based interactive trivia firm KwizzBit has confirmed a fundraise of £250,000 from business angels to fund further product development and customer expansion.
Formed in 2017 by entrepreneur Mark Walsh, KwizzBit is an online quiz platform which uses the latest smartphone technology to deliver interactive trivia from anywhere in the world.
Originally designed as a platform for physically-hosted events, the team pivoted in response to the pandemic to provide virtual live events for global blue-chip companies such as Amazon, Barclays, Vodafone and Nintendo, and unlocked new markets with white label solutions and bespoke quiz activity.
KwizzBit also helped raise over £70,000 for various charities by hosting large-scale events with celebrities such as Chris Tarrant and Konnie Huq. A play-at-home platform for friends, families and trivia enthusiasts everywhere was also released.
This response has kept revenues stable throughout the pandemic with a 40% increase in turnover forecast for 2021.
The success of this model has enabled the company to employ its first full-time development lead, as well as creating a role for a digital marketing executive.
It has now raised funds from business angels including well-known tech entrepreneur Rob Wilmot and has also agreed a technology partnership with Leeds digital agency Parallax.
Having raised an initial £250,000, it has received interest from other parties and has kept the investment round open for a potential extra £150,000.
Walsh said: “The investment from experienced business angels, as well as our partnership with Parallax will support the release of KwizzBit 2.0, which will give us the capacity to run live events to over 100,000 participants in a single game.
“New innovative feature releases will allow us to improve game-play and develop new game formats. It’s our aim to connect 100,000 hosts with five million players by 2023.”
Wilmot added: “This isn’t normally a sector that I would invest in. However, I was impressed with the vision and values of the company along with the background and passion of the team.
“Their potential to scale is huge. It’s very satisfying to have added a Yorkshire-based company to my investment portfolio and I look forward to helping Mark and his team achieve the success they deserve.”
