Co Angel Investment has supported Ecomnova, a rapidly growing Manchester based e-commerce business with a first close of £675,000 of its current £1m funding round.
Co supports businesses access equity investment from Syndicates of Angel investors, the Angel Co Fund and VCs from across the region and the wider UK. The Greater Manchester Combined Authority has funded this service to better facilitate investment early stage deals for businesses, with the first deal now closed. The Co service has already generated a qualified pipeline in excess of £40m in just a few months and is aiming to leverage £10m of investment in each year into businesses in Greater Manchester, this is the second business to close a deal with support from Co.
Ecomnova was founded in Manchester in 2012, by former LDC Managing Director, Paul Johnson and entrepreneur Tash Khan. Ecomnova designs and operates gifting websites for their own brands and white-labelled sites for major retailers selling a range of flowers, wine and champagne, hampers and personalised gifts. The business currently has 6 sites including own brands Appleyard Flowers and Blossoming Gifts and plan to launch five more sites this year, targeting a total of 20 gifting and consumable websites by 2020.
From start-up 3 years ago, current sales are £5m pa and forecast to double over the next 12 months. The funding will enable the business to fast track its digital expansion into mainland Europe, to invest in dedicated marketing resources and to develop other website business
Ian Stewart Mayor of Salford commented: “The reaction of the business community to the launch of the Co Angel Investment service has been phenomenal and it is hugely exciting to be able to announce the second syndicate investment today. Ecomnova is a great example of the kind of innovative and ambitious companies that will really benefit from the support provided by the Co Angel Investment team.”
Discussing the current fund raising process to date, Andy Bate from Ecomnova said: “Ben (Partridge) and Akshay (Bhatnagar) have been instrumental as part of the process to date in giving strong and impartial advice, providing us links to potential investors, and generally supporting us in the fund raising process. With our outsourced business model and a lean operational cost base, the equity funding being raised gives us a great opportunity to scale our business significantly. We are looking forward to continue our excellent working relationship with the Co Angel team as they help us to close this current round of funding.”
Co Angel Investment is delivered by Business Finance Solutions, part of the Economic Solutions.