A Manchester start-up which provides an online platform for radio stations has received £300k loan from the Northern Powerhouse Investment Fund.
Radio.co was founded by entrepreneur, James Mulvany, in 2014 and now employs 20 staff, with 3500 radio stations using the streaming service.
The cash comes from FW Capital Debt Finance and will support its growth.
“Investment is vital for us to take the company to the next level. Having always self-funded the business, I wasn’t sure what to expect but I’ve had a great experience with FW Capital,” explained Mulvany.
“A contact of mine had received investment from FW Capital for his own business and highly recommended them. They were very straightforward to deal with and I was impressed by their ability to create a tailored package that suited the exact needs of our business.
“The funding will be used to develop new products and will create around 10 jobs this year. We expect turnover to reach £5m during the next three years.”
NPIF is backed by the European Regional Development Fund and the European Investment Bank.
“Radio.co is a really exciting business and a great example of the burgeoning technology industry in the North West. Companies in this sector often struggle to secure funding from traditional sources because they have few tangible assets. However, we are actively investing in this area and want to encourage more businesses like Radio.co to speak to us if they need investment. We see lots of growth potential in the tech space and are very pleased to be supporting James and his business,” added senior investment executive at FW Capital, Gavin Cowling.
