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Newcastle and Manchester-based Prospect Analytics software company CANDDi has closed a £370,000 investment round led by Northstar Ventures, and added experienced executives to its advisory board. The new funds will allow CANDDi to expand its sales and marketing operation in order to grow the customer base for the proven technology.
CANDDi, headquartered on Newcastle’s Westgate Road, helps companies turn website visitors into customers. Its unique software answers three questions about each visitor: ‘Who are they?’, ‘What do they want?’ and ‘How much do they want it?’. With this information companies can better understand and dynamically respond to visitors, personalising websites and other communications in real time.
Northstar Ventures, which first backed CANDDi as a Proof of Concept investment in 2011, has continued to back the company with a further £250,000 mixed debt and equity investment from its Finance for Business North East Accelerator Fund alongside Angel investors, including:
- Chris Nixon (Former MD of Travelsupermarket.com and Kelkoo Travel)
- Clement Schvartz (EMEA Large Customer Sales, Director, Google)
- Doug Scott (Founder, CarRentals.co.uk, DiscountVouchers.co.uk)
- Tim O’Shea (Founder, Blurtit & Mindcom Investments)
CANDDi chief executive Tim Langley said: “The last twelve months have been spent proving the value of CANDDi Prospect Analytics with customers in the finance, B2B marketing and automotive sectors. Now we plan to take our product to market much more aggressively. With the skills, the funding and the experience that we have brought on board with this round, we are well equipped for explosive growth.”
Alex Buchan, Northstar Ventures said: “We are delighted to be working with CANDDi again, this time as an Accelerator investment. The team has real enthusiasm and with this new funding round is really going to be able to grow CANDDi to its full potential.”
The Finance for Business North East Accelerator Fund is backed by the European Regional Development Fund and the European Investment Bank.
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Notes to Editors:
CANDDi is a fast-growing technology company based in Newcastle and Manchester. CANDDi’s Prospect Analytics software helps companies to convert more website visitors into customers. By profiling each visitor based on their identity and behaviour, CANDDi enables companies to personalise interactions, increasing engagement and conversions.
About Northstar Ventures
Northstar is a venture capital company dedicated to building successful high growth businesses across the North East of England. We manage two funds that are investing - the £20m Finance for Business North East Accelerator Fund and the £15m Finance for Business North East Proof of Concept Fund. both funds are backed by the European Investment Bank and the European Regional Development Fund and form part of the £125m Finance for Business North East Fund.
The Accelerator invests in high growth, innovative early stage businesses in any eligible sector and will complete investments of between £100k and £500k, with the maximum investment into any one company being limited to £750k per year. It invests in companies and pre-start enterprises at an early stage of their development i.e. predominantly at the start-up and seed capital stages.
The North East Proof of Concept Fund supports the very early stages of business creation within the technology sector. The Fund’s investments are generally between £20k and £100k, but it has the ability to complete follow-on investments above this level. The Fund is targeted at eligible technology businesses located, or with substantial operations, in the North East of England. We are also seeking to invest in businesses that are willing to relocate to the region.
Northstar Ventures is a trading name of NorthStar Equity Investors Limited. NorthStar Equity Investors Limited is authorised and regulated by the Financial Services Authority. NorthStar Equity Investors Limited is a limited company registered in England and Wales with company number 0510 4995. Registered office: 5th Floor, Maybrook House, 27-35 Grainger Street, Newcastle upon Tyne, NE1 5JE. Further information can be found at www.northstarventures.co.uk
For more information contact Alex Buchan, firstname.lastname@example.org. 0191 229 2770.
About Finance for Business North East
Finance for Business North East is part of the Government’s Solutions for Business portfolio of publicly funded help to companies to start, grow and succeed. Solutions for Business makes it easier to get the advice and assistance they need. More information can be found at www.businesslink.gov.uk/solutions.
Published on: 11:29AM on 26th September 2012