AXM Venture Capital Limited has invested £50,000 for a minority equity stake in Camiloo Limited, representing the second investment of the North West Fund 4 Digital & Creative.
Camiloo, which began trading in 2009, develops mobile and desktop services to online retailers worldwide from its base in Salford Quays.
Starting with a single retainer, the company has grown to more than 320 clients worldwide, despite only a token marketing budget, with a focus on its Amazon plugin for the e-commerce Magento software. An exciting evolution of this integration lies ahead as the company prepares to launch a new integration tool connecting retailers to over 120 marketplace websites such as eBay, Amazon and Pixmania.
Managing Director Mark Newby commented: “We have worked hard to make our Company an investible proposition for AXM Venture Capital. We began trading just over two years ago from a spare room in an apartment, a story I think will sound familiar to many start ups in the region. We now look forward to the launch of our first major platform – www.channelunity.com – the evolution of the product which has proven fundamental in our growth.”
David Smith, Investment Director of AXM Venture Capital, added: “In addition to looking to invest £500k-£1m in individual deals, we are also looking to put seed investment of £50,000 or so into a number of North West media and digital companies. Camiloo is a great example of a such a business: a potentially high growth business with an innovative solution to a known problem in the market place, already scaling-up on an international basis where there is the opportunity to make further larger rounds of investment according to the companies’ needs.”
Andy Leach, CEO of North West Business Finance Limited, said: “This is an exciting business investment for The North West Fund. Camiloo has already demonstrated great potential and we look forward to the company achieving its growth plans as part of an exciting portfolio of investments comprising the North West Fund 4 Digital & Creative.
David Malpass, Head of the European Programme, said: “I am delighted that the North West Fund is supporting an enterprising company like Camiloo to develop and grow. The digital and creative industry is hugely important in the North West generating £13.7bn in turnover. Forward-thinking businesses like Camiloo are essential to driving forward the significant economic contribution of the sector.”