Webmoco set to expand following £700k Midven Investment
A Leamington Spa-based company which provides software and development services to a number of top brands has secured total investment of almost £700,000 from venture capital specialist Midven.
Webmoco Limited, based on Warwick Street, combines IT expertise with an understanding of brand development – and has developed a SaaS product to provide an electronic based reporting system across multiple platforms.
Established in 2010 by Matthew Pearson and Carl Berisford-Murray, Webmoco provides web design and development, mobile application development and software and e-commerce solutions. Amongst its clients are H Samuel, the Royal Horticultural Society and the RSPCA.
The Company has also developed a new innovative software platform which improves, analyses and mobilises the reporting process for organisations with multiple layers of management and complex business processes.
Midven’s Exceed Fund will invest £680,000 over three tranches to help the Company continue its product development as well as providing further growth capital.
Co-founder Mr Pearson said: “Though we have made substantial progress in developing the software product, we are now keen to move at a pace which suits our ambitions, and this funding is necessary to help us do that. The software platform has many benefits improving efficiency and transparency, and can be used across all devices and is intended to replace paper-based systems.
“Any organisation where reporting plays an important role will find this product attractive. Reporting, assessment and inspection tasks can be assigned to any user at any level, and can be tracked and managed at all stages by each level of the business. This allows field staff to complete reporting tasks from any smartphone, tablet or desktop device enabling onsite and real time recording of images, audio, mapping, geo-location and other important data and subsequent workflow triggers.”
Midven Investment Executive John Slaughter said: “Webmoco has been making excellent progress with the software product and it is now gaining traction. It is highly scalable and the target market is significantly large, we are confident they will realise the potential and rapidly grow the business. ”
Midven is a leading venture capital fund manager that provides investment for small, high-growth businesses across a range of sectors in the West Midlands.