£300,000 funding for North East digital agency
Venture Stream has secured a £300k investment from the North East Innovation Fund.
The ecommerce and digital marketing agency will use the cash to fund expansion.
It’s one of the first beneficiaries of the Innovation Fund which started to welcome applications from North East businesses in April.
“A key success factor in digital business is the ability to unify technology and marketing to drive business growth. It’s this outlook that has enabled both us as an agency and our clients to achieve great results,” explained Vic Morgan, managing director at Venture Stream.
“We're excited about our position in a competitive market to capitalise on this trend, and the Innovation Fund investment is a welcome recognition of what we've accomplished in a short timeframe and will help us accelerate our growth further.”
Morgan founded the firm in 2014 and it now employs 20 staff, with a £1m turnover.
The cash will be used to make a series of “strategic hires” as well as investing in new premises in Newcastle.
“The new £27 million North East Innovation Fund is focused on backing scalable, innovative start-ups and growing businesses and Venture Stream is a perfect example of the kind of business that can benefit from the fund,” explained Richard Charnley, investment manager Northstar Northeast Innovation Fund.
“Northstar Ventures first funded Venture Stream back in 2014 and the business has gone from strength-to-strength ever since. We're excited to now further invest in such a fantastic local business through the new fund that we believe can become a future leader in transforming the UK ecommerce and digital marketing services market.”