13 January 2016
A developer of immersive online learning tools has secured investment of more than £50,000 to develop its next release.
Totem Learning, based in Coventry, will continue to deliver cutting edge online personal development solutions for
training providers on the back of the capital investment.
Birmingham-based Midven’s Early Advantage fund has invested over £25,000, with a co-investment coming from some of the company’s existing private investors.
The business has evolved from a games company and like most successful tech companies it quickly understood that to thrive it needs to stay ahead of the competition whilst delivering solutions that users love and want to use. The investment will enable the company to work on its latest product ideas.
Richard Smith, Totem’s managing director, said: “We have a good business employing some very talented software developers, who really know how to produce online training tools that replicate real world business situations. We have just released an exciting new leadership skills training game which is generating some great reviews from both training providers and business users and now with this additional money we can continue with our next training modules”.
He added: “How and when training is provided is constantly changing, particularly with evolution of serious games technology. With the constant year on year growth of computer gaming, the business world with its tech savvy employees expects realistic and engaging training solutions and we’re here poised and ready to give them what they want.”
Gio Finocchio, investment director at Midven, said: “We’ve followed Totem Learning for some time and have seen the progress they have made; we can see the shift in how companies want to deliver inspiring training to their staff and feel the time was right to make an investment into this growth sector and in a company with plenty of potential.”
Midven is the leading Midlands-based provider of venture capital funding to early stage and established businesses. The Birmingham-based venture capital firm currently manages five funds representing a total of £76m under management. The funds have invested in a wide variety of sectors including software, biotechnology, healthcare, engineering, manufacturing and distribution. The Midven team has an established reputation for delivering solid commercial experience and creative business solutions to help their portfolio companies achieve exceptional outcomes.
Midven’s now £10m Early Advantage fund provides investment, alongside business angels and other private sector investors for small, high growth businesses at start-up and early-stage in the West Midlands. The fund can make an initial investment of up to £125,000 if matched by private money and can invest up to a further £375,000 in subsequent rounds. The investment team will actively work with companies seeking investment to source the necessary private sector match funding. The £10m fund was created through investment from the Department of Business Innovation and Skills and grants from the European Regional Development Fund.
For more information, please visit www.midven.co.uk or follow @Midven on Twitter.
About the Early Advantage Fund
The Early Advantage fund project is part financed by the West Midlands European Regional Development Fund Programme 2007 to 2013. The Department for Communities and Local Government is the managing authority for the European Regional Development Fund Programme, which is one of the funds established by the European Commission to help local areas stimulate their economic development by investing in projects which will support local businesses and create jobs.
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For more information contact:
Mark Whitehouse, Clarke Associates
Telephone: 01564 826653