Software company Thrive, based in Newcastle, has secured a £200,000 investment from Northstar Ventures.
Thrive, which was launched in 2011, has used the finance to hire two new members of staff and expect rapid growth in 2014 as it enters the US market.
Founder Jerome Iveson said: “These are really exciting times for Thrive. We have an innovative product and a dedicated team. With support from Northstar we aim to rapidly scale our business, increasing our user-base and launching further products from our base here in the North East.”
Richard Exley of Northstar Ventures adde: “We are delighted to be able to continue to support Thrive. It is great to know that the investment has enabled them to expand the team further and drive forward their growth.”
Northstar Ventures managed five funds in the North East, including the £15m Finance for Business North East Proof of Concept Fund and the £25m Finance for Business North East Accelerator Fund.