Formisimo secures investment from private equity firm
Formisimo has secured the equity investment from a syndicate led by the The North West Fund for Digital and Creative and two business angels based in the capital.
Adam Jupp
Tom New and Al Mackin, of Formisimo
A firm that analyses people's behaviour when they are shopping or filling out forms online has received a £350,000 cash boost.
The M.E.N told how Formisimo had been accepted onto the Seedcamp accelerator programme, meaning it was based for a time at London's Google Campus.
Now, it has secured the equity investment from a syndicate led by the The North West Fund for Digital and Creative and two business angels based in the capital.
On the back of the funding deal, Formisimo will return to Greater Manchester from the Google Campus and grow its team of staff to 14. They will be based at its office, in MediaCityUK.
The firm has been launched by a team from Manchester marketing agency The Eword, led by Tom New and Al Mackin.
It measures and analyses consumer behaviour in online checkouts and online forms, showing companies why people start a buying process but do not finish it.
Brands that have already signed up to Formisimo include Travelex, Secret Escapes, Genting, WeBuyAnyCar, Asda, Virgin Active, Borro and The FT.
The business has appointed Anish Kapoor, the co-founder of Telecity, as an advisor and the team will continue to be mentored by London-based advisors from Google, Seedcamp, Moo.com and OneFineStay.
Mr Mackin said: "We've self-financed Formisimo and have seen significant growth, with a thousand customers in over 60 countries. With the support of our investors, advisors and mentors we can enhance our current offering, grow our team in Manchester and create further ways that make it easier for consumers and businesses to exchange information."
Mr New said: "I'd like to thank the team at The North West Fund, Seedcamp, our two angels and all those involved in this round for their support."
Manchester based agency theEword has supported Formisimo on development and marketing.
Rupert Wingate-Saul, investment manager at AXM Venture Capital, which manages The North West Fund for Digital & Creative, said: "Formisimo's platform elegantly meets a real need in the e-commerce market. The management team combine genuine commercial experience and huge ambition and we are confident in their ability to make a success of the market opportunity.
"We are equally delighted to support their strategy of returning the business to the North West and growing the team at MediaCityUK."
The North West Fund for Digital & Creative is part of the wider North West Fund and is financed by the European Regional Development Fund and the European Investment Bank.
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