Pinoptic backed by new angel network

24/07/07 12:23

Pinoptic which has developed a security solution to fight against PIN credit card fraud has been backed by a business angels network.

The company’s founder Colin Allison has secured funding from Angels Den, a nationwide online service, which enables entrepreneurs to post business plans for £99 a time.

The plans are then viewed by business angels looking to back new enterprises. Turnaround is potentially very fast; Allison posted his plan just five weeks ago.

Allison said: “We had been trying for several months to gain funding in order to complete a US patent application. We thought we had exhausted all options with no success.

“To find the time to go to regular pitches in front of existing angels in angel groups was very hard, so to be able to put our case forward without going through the pitch process at all helped us enormously.”

The company’s PIN protection system, which guards against ‘shoulder surfing’, attracted the attention of first-time business angel Chris Ward who invested an undisclosed sum.

“I signed up to Angels Den as I was looking to invest in a company in a different sector to the one I am already involved in,” said the property investor.

“I have no spare time to attend monthly pitches within an angel network, so to be able to find a business with such good potential and looking for funding without needing to go through this process suited me down to the ground.”