A Newcastle start-up that aims to revolutionise the consumption of online video is to create five new jobs over two years after exceeding its expectations for seed investment by £78,000.
Among those contributing to Reframed.TV’s second round of investment – worth £328,000 – were returning funders, Angel investor Doug Scott, and venture capital firms IP Group plc and Northstar Ventures through the Finance For Business North East Technology Fund.
In addition, dotcom entrepreneur Steve Pankhurst, who co-founded Friends Reunited, has come on board, bringing the total invested in the business to more than £500,000 and raising its value to £1.1m.
Reframed.TV aims to make video consumption a more social experience, allowing users to sync comments with specific moments.
Founders Kev Price and Jo York took the business from concept to market trial within three months in 2013 through technology accelerator Ignite100, and have already attracted interest from Twitter UK, as well as number of broadcasters.
Since then, they have doubled their team to four, made the finals at Thinking Digital 2014, won Best New Business at the North East Women’s Entrepreneur Awards, and received an invite to discuss the business with a special adviser to the Prime Minister.
The latest round of funding secures the development of the service for the next two years as new developer and sales roles are created.
Already, Reframed.TV has secured the services of front-end developer, Phil Jeffes, who will work on the look and feel of the product.
Paul Whitehead, an experienced Angel investor who has worked with the likes of USwitch.com, Channel 4 and BSkyB, has also come on board as a non-executive director.
Mr Pankhurst, who heard about the company when he was mentoring Ignite 100’s new batch of startups at Reframed.TV’s home, Campus North, said: “It’s a great idea and the business plan is sound.
“The team is ambitious and passionate, they work hard and just get on with it and I’m happy to support them.”
Mr Price said: “I love that we’ve managed to raise this money in the North East.
“The funds have been a great support and the draw of Ignite and Campus North has made getting in front of Angel investors so much easier than it could have been.
“It’s good to have Steve’s support as both a funder and a mentor to the team.
“There are some great things happening in the North East and we’re proud to be part of it.”
Miss York added: “We’re excited to be pushing on with our plans and building more cool stuff.
“We’ve got some very exciting developments in the near future and we’ll be looking to find the right people from the local tech community to bring into the team to get us there.”