MOO secures £3m from Barclays’ Fast Growth Tech Fund
Young Gun-founded print and design brand is one of the first to benefit from bank's new debt finance facility
London-based online print and design company MOO has been granted £3m in revolving credit from Barclays’ Fast Growth Tech Fund to support global expansion.
Launched in 2006 by Young Gun Richard Moross with the aim to disrupt the $640bn global print industry, MOO provides online stationary and promotional material with millions of card prints each month for customers in over 200 countries.
Its bespoke ‘Printify’ service, which allows customers to print a different image on every card in a pack, enables customers to self promote with their own material or hundreds of designs produced in-house.
The investment from the Barclays Fast Growth Tech Fund, which launched earlier this year to provide debt finance to fast growing technology firms, will be used for marketing and research and development.
MOO’s financial director, Benjamin Smith, said of the funding:
“It’s vital that MOO continues to develop and innovate at all times. Reaching a wider audience requires a ramp up in promotional activity, and investing in product development to ensure we continue to deliver innovative products that people love.”
Barclay’s Hemal Rawal continued: “MOO is an exciting business, which is seizing the opportunity to claim an even bigger stake in a very lucrative market.”