Web retailer IT247.com has received further backing from a collection of institutional, private and existing investors.
The company has received £1.25m from the Rising Stars Growth Fund, North West Equity Fund and Liverpool Seed Fund as well as the company’s management and private investors.
IT247.com first received investment from the Rising Stars Growth Fund in December 2005 in order to set up a new web-based store offering IT products to small businesses.
The company has been very successful since then bagging a stack of business, retail and technology awards.
Managing Director Steve Willock, said, “The continued support of our investor partners is excellent news for all stakeholders in the company.
“We set out to succeed in a fiercely competitive arena, which has already seen some challengers to the established brands fail.
“We knew that e-commerce in the IT retail space needed a new approach and our IntoScape technology has given us that, bringing us sustained and controlled growth in line with our business plan which is unprecedented compared to rival start ups in recent years.”
Julian Viggars, head of technology investment at Enterprise Venture, which manages Rising Stars, said, “IT247 is growing rapidly and has demonstrated significant efficiency gains.
“We are very happy to continue supporting this exciting and innovative investment.”
© Crimson Business Ltd. 2007
