Magic Taxi drives forward with angel backing

Magic Taxi, the search engine and emailing service, which donates half its revenues to charity, has secured funding from a consortium of angel investors.


Magic Taxi, the search engine and emailing service, which donates half its revenues to charity, has secured funding from a consortium of angel investors.

Amongst the backers is Grahame Davies, who founded Demon Internet, the UK’s first dial-up web service, the overall investment has not been disclosed.

He is joined by five other investors drawn from the Beer and Partners investment network and Equity Entrepreneur, an organisation dedicated to helping private investors make better decisions on investment.

The company, founded by Paul Quelch in 2005, offers users the option to peruse the web using tools from well-known internet names such as Yahoo, Wikipedia and Kelkoo.

Magic Taxi has established relationships with 18 charities and Quelch feels the company works as an ‘umbrella’ for the otherwise unrelated organisations.

The company’s road to investment was aided by the Surrey Enterprise Hub which helped them refine their business plan and provided it with bespoke software in order to formulate projections for its growth.

Magic Taxi also worked with Chris Clegg, at Beer and Partners, who arranged for the company to pitch to investors at an Equity Entrepreneur workshop.

The company found two investors via the event and a further four through the Beer and Partners network.

“Getting angel investment can be hard because due to its nature it is high risk and as a result investors don’t want to put in the whole amount,” Quelch said.

“I have found that it’s important to get one leading investor onside before the others will comes on board.”

© Crimson Business Ltd. 2006

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