NORTH EAST venture capital firm, NorthStar Equity Investors (NSEI), has completed a £850,000 investment into Newcastle-based TV technology company, Quick.tv Limited.
Leading a consortium of investors, NorthStar Equity Investors has backed the innovative business with £500,000 from its Co-Investment Fund (COIF) and helped attract a further £350,000 funding for the company from private individuals and the Business Investors Group.
Founded in November 2006 by entrepreneurs Tod Yeadon and Nick Bell, Quick.tv has pioneered an interactive platform allowing broadcasters to integrate response based TV without having to rely on highly discredited premium rate texts and phone calls. Having received £60,000 investment from NSEI’s Proof of Concept Fund (POC) in December 2006, Quick.tv is fast becoming a leading light in NSEI’s growing portfolio with the product expected to go to market early next year.
NSEI Investment Manager, Michelle Cooper, helped broker the deal. She said: “Quick.tv has developed a hugely innovative technology that we’re confident will appeal to the UK TV market. Their interactive platform is wholly unique and will give broadcasters far more flexibility to engage with viewers. “It’s very encouraging to see yet another of the companies that received initial Proof of Concept funding through NorthStar, go on to secure backing through our COIF Fund and our growing network of co-investors. This is a real measure of the quality of early stage opportunities coming from technology entrepreneurs with the region.”
Thomas Speir of County Durham-based Business Investors Group commented: “Both Tod and Nick have impeccable credentials and a vast amount of experience and expertise within the media industry. I’m confident the syndicate of private backers alongside ourselves and NorthStar Equity Investors, will together help nurture this ambitious young company to market, as well as provide the necessary financial support.”