UK, WorkCast Secures £850,000 Equity Investment from NorthStar Equity Investors

The WorkCast Corporation, a Durham, UK-based supplier of online webcasting solutions and services, has secured an £850,000 equity financing in a round led by NorthStar Equity Investors (NSEI).
The funds will be used to support the development of company’s technology and boost sales and marketing.
The WorkCast Corporation, headquartered at the E-volve Business Centre at Rainton Bridge, is part of the Sunderland-based Leighton Group, which has a successful history in the technology, software, new media and interactive communication industries.
The company’s online webcasting solution, Webcast Manager, allows users to create, edit, and distribute business webcasts. Through it, customers can produce webcasts and webinars by recording a variety of elements such as web meetings, PowerPoint presentations, webcams and video conferences.
As mentioned above, the round was led by NorthStar Equity Investors, the venture capital firm that has been investing in science, technology and innovation-based companies across the region with funds from Regional Development Agency ONE North East and the European Regional Development Fund (ERDF).
It invests through two vehicles. The Proof of Concept Fund (POC) makes investments between £60,000 and £90,000 taking the form of convertible loans providing capital at the earliest stages of business creation. The Co-Investment Fund (CoIF), instead, specialises in high growth technology investments between £100k and £1m, leading or participating in syndicated deals.
Commenting on the financing, Michelle Cooper, Investment Manager of NSEI, said: “Our investment in WorkCast demonstrates our confidence in the management team and their ability to further develop their innovative solutions.
“Our Proof of Concept team saw the potential in WorkCast earlier this year and invested £60,000 initial seed funding.
“We are excited about WorkCast and their position within a rapidly growing industry sector, and with the introduction of their Webcast Manager solution, WorkCast is well positioned to be a significant player in the online business webcasting market”. 

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