Money Workout Limited, a Southampton, UK-based Web provider of available mortgage search and comparison tools, has raised £1.52m from Octopus Ventures.
The funds for Octopus were provided by Octopus Titan VCTs 1, 2 and 3 funds, together with the Octopus Eureka EIS and the Octopus Investor Group.
The capital infusion will enable the company to further develop and grow the business.
Money Workout operates in the new home mortgage market, which is estimated to be worth approximately £80bn in lending in 2010, equivalent to around 500,000 mortgages (a substantially lower figure than recent years as a result of the economic climate).
Commenting on the deal, Matt Andrews, Managing Director of Money Workout, was quoted to say: “The investment facilitates delivery of our strategic and operational goals, and Octopus’ experience is already helping us fine tune the journey”.
FinSMEs
02/04/2010