Today we're formally announcing investment from Northstar Ventures' Finance for Business North East Proof of Concept Fund - here's the press release in full.
Today we’re formally announcing investment from Northstar Ventures’ Finance for Business North East Proof of Concept Fund - here’s the press release in full:
“A Teesside start-up company has secured a 100,000 pound investment to create software that could revolutionise the way businesses deal with potential customers online thanks to Northstar Ventures’ Finance for Business North East Proof of Concept Fund.
CANDDi, (Campaign and Digital Intelligence) based in Middlesbrough, will use the funding to expand the team developing its advanced web analytics and marketing automation platform.
The company’s chief executive and co-founder, Tim Langley, explained: “Believe it or not websites are terrible at converting visitors into customers. It’s very hard to know who has been to your website, and why they didn’t buy something or make an enquiry. We help companies to better understand their prospects and respond appropriately with tailored offers and messages, or a more individual approach.”
The web-based product is being developed for car dealers and manufacturers initially, but will expand into other sectors including ecommerce, as the company grows.
“The beauty of this exciting new software is the way it helps brands develop a better understanding of prospect behaviour,” added Dr Richard Exley, Head of the Proof of Concept Fund at Northstar.
“CANDDi really impressed us with their new approach to web analytics and sales-lead generation, and the fact that they can convert window shoppers into customers.”
The Finance for Business North East Proof of Concept Fund is backed by the European Investment Bank (EIB) , European Regional Development Fund (ERDF) and regional development agency One North East (ONE).
Originally set up by Manchester-based Langley and co-founder Tom Cheesewright, CANDDi moved to Middlesbrough to join the Difference Engine accelerator programme which helps young companies to find backers.
Notes to Editors:
CANDDi helps companies to convert more prospects into customers through enhanced information and a better understanding of prospect behaviour. Its Software as a Service product combines cutting edge analytics with ‘smart’ marketing automation. A graduate of the Difference Engine (http://thedifferenceengine.co/) the company has received investment from the Finance for Business North East Proof of Concept Fund managed by Northstar Ventures. For more information see http://www.canddi.com or contact Tom Cheesewright: firstname.lastname@example.org.
About Northstar Ventures
Northstar is a venture capital company dedicated to building successful high growth businesses across the North East of England. The 15m Finance for Business North East Proof of Concept Fund is one of the funds we manage and it is backed by the European Investment Bank, One North East and the European Regional Development Fund and forms part of the 125m Finance for Business North East Fund.
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.
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.”