Ecomnova secures £1m for e-commerce gift site portfolio
Manchester-based business is the second to receive funding from Co Angel Investment as it looks to tap into European market
E-commerce gifting site operator Ecomnova has closed a £1m funding round, with £675,000 backed by Co Angel Investment.
Founded in 2012 by Paul Johnson and Tash Khan, Ecomnova designs and operates gifting websites for its own brands and websites for major retailers selling flowers, wine and champagne, hampers and personalised gifts.
The company – which has offices in Manchester and London – currently runs six sites including own brands Appleyard Flowers and Blossoming gifts, with plans to launch a further five this year, reaching a total of 20 by 2020.
This latest investment will help it grow its portfolio in Europe, invest in marketing resources and double its sales over the next 12 months – with current sales at £5m.
The deal represents Co Angel Investment’s second to date. The fund was launched last year by the Greater Manchester Combined Authority to help early stage businesses in Manchester access finance.
Andy Bate of Ecomnova, commented:
“E-commerce is the fastest growing retail sector in Europe and the gifting market is outperforming the overall e-commerce sector. Finding and sending gifts online has become part and parcel of how we shop.
“With our outsourced business model and a lean operational cost base, the equity funding being raised gives us a great opportunity to scale our business significantly. We are looking forward to continue our excellent working relationship with the Co Angel team as they help us to close this current round of funding.”