Mtivity climbs into Hotbed
The web-based marketing company receives more funding
Web-based software company Mtivity has been backed for £3.49m by a syndicate of angel investors and venture capitalists.
The company received £1.55m from Hotbed, the UK’s largest syndicate of private investors, which brought 39 members of its group into the deal.
VC’s also joined the funding round with Albany Ventures and the YFM Group committing money to the pot.
Mtivity offers companies online marketing services which it says are more cost-effective than traditional methods.
Hotbed got in on the action after being introduced to the company by Albany, a major backer of technology start-ups, which had previously invested in the company founded in 1999.
Patrick Kremer, chief executive officer of Mtivity, said: “Mtivity has developed an innovative Software as a Service application to automate key elements of marketing production and distribution.
“We have tripled our year on year sales and have acquired a blue chip list of clients,”
“This new financing round will allow us to fuel our expansion plan even further.
“The level of investment interest in this round, by quality new and existing investors, further validates our strategy.”
Mtivity received legal advice from law from EMW on the deal.
© Crimson Business Ltd. 2007