Digital trading card developer poised for further growth following £280,000 EIS investment
Henley-in-Arden, 12 May 2014. VirtTrade has announced the completion of further investment led by Mercia Fund Management (MFM), a leading provider of investment and business support services for fast-growing technology companies.
VirtTrade delivers all the fun mechanics of physical card and sticker collecting and trading, using digital technology to make the experience more interactive and engaging. VirtTrade’s trading engine has been in development for a number of years and is unique in the way it allows users to complete trades on a global scale and in real time.
Complete with live feeds and real-world activity, VirtTrade has propelled the traditional trading model into the 21st century.
John Howard, CEO of VirtTrade, comments on the company’s unique concept: “The sticker and trading card market is extremely well established, but the current model was not designed for today’s users. VirtTrade makes the traditional trading mechanics ‘live’, and with data changing on demand our technology creates a smarter, more engaging way to trade and collect.”
VirtTrade has secured funding from a series of private and professional investments. Second stage Enterprise Investment Scheme (EIS) funding from Mercia Fund Management has recently been agreed.
The funding will be used to develop VirtTrade’s core technology and license the high-value commercial content needed to enhance the product within the next 12 months. The investment package will also be used to strengthen and extend its team of designers, developers and marketers.
John added: “Working with Mercia Fund Management will enable us to take our technology to new partners and grow our business further. The investment team’s business expertise has already helped us to secure critical hires, significant license deals and kick start product development.”
Mike Hayes, Head of Mercia Fund Management’s Digital Division, commented on the investment: “VirtTrade’s USP makes it a significant and exciting addition to our digital portfolio. Its ability to take an already profitable traditional model to new heights in the digital world demonstrates a highly scalable concept that has the capacity to appeal to consumers of all ages. The digital division at Mercia Fund Management is looking forward to working further with VirtTrade and welcomes the company to our portfolio of innovative companies.”
Mercia Fund Management’s latest EIS and SEIS hybrid fund, Mercia Growth Fund 3, is set to close in May 2014. EIS provides investment capital to those seeking follow-on funding to accommodate and accelerate growth. Both SEIS and EIS are long term investments and unlock legitimate tax reliefs for private investors.