Aqilla backed by serial investor

Bob Morton backs the online software company


Aqilla, an online accountancy service, has raised an undisclosed sum from private investor Bob Morton.

The company has been developing its service for the past few years but now wants to roll it out on a greater scale. The company decided to raise money in order to invest in sales and marketing activities. Director Hugh Scantlebury says his company made the decision to look for funding during Easter 2008 and spent about six weeks putting together a prospectus. It was sent out to 21 VCs and angel investors, who were then followed up with via email and a number of meetings. Morton, who is both an accountant by profession and a serial investor in online companies, was eventually tipped as the best person to back the business. Scantlebury also offered entrepreneurs looking for investment some sound advice: “It is important to find out what sort of things investors are looking for when they make investments. There’s no point pitching to someone who doesn’t invest into your area,” he said. “The best advice is to get to meet people through referrals, as they will always be more responsive if you have been recommended.” © Crimson Business Ltd. 2009

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