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10 June 2013

The North West Fund 4 Digital & Creative backs Malinko software developer

Press Release 10th June

Domiciliary care software developer Liquid Bronze Limited has secured an equity investment from The North West Fund 4 Digital & Creative, managed by AXM Venture Capital, alongside investment from an angel syndicate.

 

Manchester-based Liquid Bronze, whose flagship product is the Malinko SaaS platform (www.malinkoapp.com) has developed a SaaS management suite which allows domiciliary care agencies to efficiently manage their operations and co-ordinate home-care staff, and to improve compliance with Care Quality Commission regulations.

 

Founder Andrew Threlfall said: "We are delighted to secure this investment, which will enable us to rapidly expand our user base in the domiciliary care market and to take advantage of the continuing rapid growth in this sector. We will immediately be putting these funds to work in recruiting new developers to deliver additional functionality on the Malinko platform".

 

David Smith, investment director at AXM Venture Capital, added: "We are delighted to support Liquid Bronze with this subscription from the North West Fund 4 Digital & Creative. The Malinko product delivers excellent functionality and the financing will help the Company achieve a market-leading position from its head office in the North West."

 

A member of the angel syndicate, Brian Gray, a director of Gould Hall Computer Services with over 35 years' experience in the software sector, will join the Board as the non-executive chairman. The Board will be further strengthened by the addition of Anish Kapoor, co-founder of Telecity and founder of Yuuguu, who has joined as a non-executive director.

 

The North West Fund for Digital & Creative is part of The North West Fund and is financed by the European Regional Development Fund and the European Investment Bank.

 

ENDS

 

For further information please contact: -

 

Andrew Threlfall, Liquid Bronze Limited                   07970 043 882

 

For The North West Fund

 

David Smith, AXM Venture Capital Limited               07801 522 307

Lizzie Johnson or Catherine Melling                          01925 418232

 

Notes to Editors

 

About Liquid Bronze

 

Liquid Bronze is a software development house, based in Hulme, Manchester.

 

The company's flagship Malinko product enables domiciliary care agencies to efficiently co-ordinate and monitor their home-care staff, and for carers to access client records from the field in a secure manner with  full mobile functionality.

 

The SaaS software helps agencies comply with CQC regulations on monitoring and reporting standards of care, a significant issue in an industry which saw over 900 agencies failing to meet the minimum requirements in the past year.

   

About AXM Venture Capital

AXM Venture Capital is an experienced fund manager for digital, media, and creative industries investments. It has offices in Manchester, Liverpool and London. In addition to The North West Fund for Digital & Creative, It currently manages two London-based digital and creative funds (www.ccfund.co.uk).

 

The North West Fund for Digital & Creative provides finance from £50,000 to £1.5m to businesses seeking funding to support a broad range of needs from start-up and early stage development through to expansion plans for trading businesses. In return, the Fund will require an equity share in the business.

 

For further information about this fund contact AXM Venture Capital by telephone on 0161 408 1818 or 0151 324 1919 and /the-funds/digital-and-creative.

 

The North West Fund

The North West Fund is a substantial evergreen investment fund established to provide debt and equity funding (from £50,000 to £2 million) to small and medium sized enterprises based in, or relocating to, the North West of England. The North West Fund addresses an identified gap in the lending, venture capital and private equity markets. It is one of the largest public sector funds of its kind in Europe and the largest in the UK.

 

The North West Fund is financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB) under the European Commission's Joint European Resources for Micro to Medium Enterprises Initiative - otherwise known as the JEREMIE programme.

 

The North West Fund is the umbrella name for the six funds that are available to businesses in the form of debt, equity and quasi-equity. These funds are managed by five fund managers under contract with North West Business Finance Limited (NWBF), which has been established to oversee the delivery of The North West Fund.  Initially, £150m has been allocated to the fund managers, as outlined below, with a further £5m to be allocated in due course:

 

Fund manager

Name of fund

Fund committed

Enterprise Ventures Ltd

Mezzanine

£15m

FW Capital Ltd

Loans Plus  

£45m

Enterprise Ventures Ltd

Venture Capital

£30m

Spark Impact Ltd

Biomedical

£25m

CT Investment Partners LLP

Energy & Environmental 

£20m

AXM Venture Capital Ltd

Digital & Creative

£15m

Funding to be allocated in due course

£5m

Total

£155m

 

Each fund manager has a mandate to invest their allocation into the specific product or sector they manage, until 31st December 2015. NWBF is a private, not for profit company, established to oversee the delivery of The North West Fund.

  

For further information please visit www.thenorthwestfund.co.uk

 

European structure, JEREMIE

The JEREMIE initiative offers EU Member States, through their national or regional Managing Authorities, the opportunity to use part of their European Union (EU) Structural Funds to finance small and medium-sized enterprises by means of equity, loans or guarantees, through a revolving umbrella fund. The initiative was developed by the European Commission and the European Investment Fund, which is part of the European Investment Bank Group.

 

JEREMIE provides for a range of debt and equity financial tools to obtain the most appropriate allocation of funds according to national, regional or local requirements.

 

ERDF in the Northwest

ERDF is making a real difference to people and businesses in the North West. With €755 million to invest between 2007 and 2013, ERDF is enhancing the competitiveness of the region's economy by supporting growth in enterprise and employment.

 

ERDF in the North West is managed by the Department for Communities and Local Government - for further information visit https://www.gov.uk/erdf-programmes-and-resources

 

EIB

The EIB is the European Union's long-term financing institution and, provides long-term finance for capital projects promoting European economic objectives. The EIB made its first loan in the UK in 1973 and since then has lent around €75bn for investment in the UK economy. In the years from 2004 to 2009, the EIB financed investment in the UK totalling some € 23.5bn - GBP 17.5 billion.

 

 

 


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