Intempo Digital secures £1.825m
The designer of iPod docking stations and digital radios gains backing from Hotbed
Intempo Digital, the electrical goods manufacturer, has received £1.825m of backing from private investor network Hotbed.
The Manchester-based company designs, develops and market goods such as iPod docking stations, digital radios and music speakers.
The company has been backed by 46 members of Hotbed’s network and will use the money to expand further into Europe.
“The Hotbed funding will enable us to further develop market leading technology which will take the business to the next stage, not just within the UK, but across Europe,” said Bernadette Spofforth, managing director of Intempo.
In 2006, Intempo sold more iPod docks in major stores such as Argos, Comet and Amazon. It also held the number one position in the UK for speaker sales for Christmas 2006, the company says.
Darren Mitchell, investment director at Hotbed, added: “Although Intempo is still a relatively early stage business, its achievements have already been remarkable, having established a leading brand position in major growth markets within consumer electronics.
“Intempo has a very solid management team in place, with an excellent track record of success in other electronics-related businesses behind them, so we believe they are well-placed to maximise the business’ potential with this injection of funding.
“By exploiting the innovative product development and distribution opportunities that Intempo has identified, together with strong growth forecast for both DAB digital radio and iPod speakers, this represents a very exciting opportunity for our members to invest in.”
The investment is part of a total £11.8m deal in which the Halifax Bank of Scotland is providing the working capital facilities.
© Crimson Business Ltd. 2007