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30 October 2014

Formisimo expands MediaCity team following £350,000 investment

"Securing investment and building our team to ten in four months has been key to our success."

Formisimo

Online analytics start-up, Formisimo has recruited eight new staff in the past four months. The company, which is helping some of the World's leading brands improve online sales, secured a £350,000 investment from a syndicate led by The North West Fund for Digital & Creative, earlier this year.

Formisimo measures and analyses consumer behaviour in online checkouts and online forms, showing companies how they can make small adjustments that drive big changes. 67% of people who start typing in an online checkout don't complete the buying process, costing companies a significant amount in lost sales and enquiries.

Founded by digital entrepreneurs Al Mackin and Tom New in May 2013, the company is already improving online sales for more than 1,000 companies in over 83 countries. Brands that have already signed up to Formisimo include Travelex, Secret Escapes, Genting, Asda, Virgin Active, Borro and The FT.

The finance from The North West Fund, together with two London-based angels and leading accelerator, Seedcamp, will allow the founders to grow their MediaCity team further - with plans to recruit four more employees before next summer. This will also allow the team to concentrate on expanding into new markets and enhancing their technology.

Al Mackin, co-founder of Formisimo, said: "Our goal is to improve the way that customers and businesses share information, so we have lots of features, tools and products that will aid this process.

"You can't stand still in our sector, you have to move forward - at a fast pace. With the support of our investors, advisors and mentors we can enhance our current offering and grow our team in Manchester to build an innovative, industry leading business.

"We were respectful of the funding process; pre-funding we wanted to understand how the process worked before we engaged with it, and what makes investors tick. It's really important that businesses understand what the individual fund managers are truly looking for."

Tom New, co-founder of Formisimo, said: "Securing investment and building our team to ten in four months has been key to our success. Finding a group of people with the right skills and attitude, who are also keen to work for a start-up isn't easy, but we have a
great team.

"This growth in resource has impacted the product, the sales process and the future. If we'd have grown organically we would have lost ground."

Rupert Wingate-Saul, Investment Manager, AXM Venture Capital, which manages The North West Fund for Digital & Creative, said: "Formisimo has already seen significant growth, and it's clear that their platform meets a real need in the e-commerce market.

"The management team combine genuine commercial experience with huge ambition and we're confident in their ability to continue this impressive growth into the future."

 

For more information about how you may be able to access funding for your digital and creative business please visit http://www.thenorthwestfund.co.uk/funds/digital-creative 

 




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