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Success Stories
GroupSpaces Raises Six Figure Funding to Revolutionise Group Management Systems
February 2008
OXFORD, UK – 25 February 2008. GroupSpaces, an Oxford-based Internet company that provides online tools to enable groups, societies and clubs to manage their communications and data, today announced that it has raised a six figure round of investment from a consortium of investors.
The round included London-based Avonmore Developments, and an investor introduced by Oxford Early Investments, the business angel investment network that helps innovative early stage companies to raise funding.
Founded by two Oxford University students in 2006, GroupSpaces is revolutionising the ways in which ‘real world’ groups such as sports clubs, university societies, charities and other organisations manage themselves in an increasingly online world.
These groups share a common set of needs that include communication channels, membership and database management, website provision and event organisation and promotion. However, there is no existing solution to meet all of their needs so they are forced to use a combination of disconnected tools from multiple providers.
CTO of GroupSpaces, Andrew Young, explained the unique solution provided by the Company: “GroupSpaces has created a web-based service that solves all the problems of group managers with a combination of powerful, easy-to-use tools and an integrated portal. The online toolset is designed to fit in with groups' existing conventions, helping to establish efficient, robust procedures and facilitating collaboration between group members, managers and the wider world.”
A successful pilot of the GroupSpaces service was run during 2006-07 with over 300 societies at Oxford University. The quality and frequency of use of the service, which saw between 4,000 and 5,000 unique visits to the website per month, enabled the Company to secure advertising contracts with over 40 blue-chip clients including IBM, BP, McKinsey & Company, Bain Capital, Clifford Chance and JPMorgan.
Oxford University Careers Service is one group benefiting from the service. Director, Terry Dray, said: “The innovative website offered by GroupSpaces has helped even more students to find out about our events and services. They are bridging the gap between university societies and graduate recruiters in a revolutionary manner.”
GroupSpaces secured their funding after a successful pitch at an investment meeting run by Oxford Early Investments.
Commenting on the fundraising, GroupSpaces’ CEO, David Langer, said: “We are delighted to have the opportunity to work with such experienced and successful angel investors. The funding obtained through Oxford Early Investments will allow us to expand our engineering team and accelerate product development as we develop and test our service through 2008.”
Manager of Oxford Early Investments, Eileen Modral, said: “We were pleased to help GroupSpaces to raise the crucial funding they need to progress the development of their innovative software.”
GroupSpaces is initially rolling out its online toolset to the 25,000 UK-based university clubs and societies. The Company plans to raise a further round of investment in due course to increase momentum as it expands outside the student market.
US-based Nexo Systems estimates there to be over 100 million groups in the US alone, and GroupSpaces’ mission is to become the essential provider of online tools for ‘real world’ groups.
Inscentinel close funding round
October 2007
Inscentinel raises a £105k part of which came through two OEI investors.
Warwick University Spin-Out secures Funding for Fingerprint ID Technology
2006 is already proving to be a busy and successful year for Oxford Early Investments (OEI), a business angel investment network that helps innovative companies at the early stages of commercial development to raise investment capital. The latest company to secure funding through the OEI Network is Warwick Warp Ltd, a spin-out company from Warwick University that is developing a highly accurate fingerprint identification technology for use in personal ID cards, passports and access control systems.
Warwick Warp raised £15,000 from two of OEI?s business angel investor members at a recent OEI investment meeting held jointly with Warwick Ventures, the technology transfer office of Warwick University. The company will use the new capital for the development of the first prototype.
Li Wang, Chief Technology Officer of Warwick Warp, said: "OEI provided an excellent platform for us to not only raise investment funds but also build up a close relationship with investors, both of which are crucial to the success of our business."
"We are delighted", said Ederyn Williams, Director of Warwick Ventures. "Warwick Warp is an exciting new company, and OEI helped us raise the small amount of vital funding needed in record time."
The Warwick Warp deal is one of several that the OEI Network has brokered for developing companies during the past 18 months, raising a total of £473,000. Other companies that have raised funding through the Network include Water Innovate, a spin-out company from Cranfield University that develops new technologies for the water and wastewater industries, NanoSight, which is developing a nanoparticle measuring system, and Zeta Studies, a software development house for web based services and mobile data collection solutions.
Joanna Sobek, Manager of Oxford Early Investments, said: "OEI was set up to meet investor demand for very early stage investment opportunities, and to help companies that need small but crucial sums to develop their product beyond an initial "proof of concept" , often the most difficult stage of company growth to fund. The Network has now established a track record for filling this gap in the market."
OEI also held a lively investment meeting as part of Venturefest during July. Companies making presentations at the meeting included Exilica Ltd, who produce micro-beads and silica nano-shells that can be used to encapsulate dyes and perfumes for slow release, and Novolytics Ltd, which uses bacteriophages, a small virus that only infects bacteria, to combat MRSA.
OEI is also delighted to announce that H2O Venture Partners has agreed to sponsor the Network. H2O Venture Partners is a new investment company developing very early stage technology opportunities from universities, research organisations and existing companies. H2O invests in transformative technologies in all sectors at the beginning of the commercialisation process.
Dr David Kelly, Chief Executive of H2O Venture Partners, said: "H2O Venture Partners is delighted to sponsor OEI. The OEI Network plays an essential role in helping companies secure the funds they need for early-stage growth. H2O looks forward to actively contributing to the future success of OEI."
Warwick Warp - http://www.warwickwarp.com/
H2O Venture Partners - http://www.h2ovp.com/
Zeta Studios
Details will be available soon.
Nanosight
August 2007
NanoSight Ltd, the nanoparticle characterisation company, announces the completion of an angel investor round which increases its shareholder base and complements previous investments by Venture Capital companies. The angel investment came from members of the SWAIN and OEI Investments Networks.
John Knowles, Chairman of NanoSight commented that “The investment round was oversubscribed which was very encouraging for the company and brings on board a group of investors who have experience in growing high technology companies.”
The NANOSIGHT LM10 and LM20 systems offer the ability to obtain higher resolution particle size distribution profiles than other more time-consuming and expensive methods... The software enables real-time dynamic nano-particle visualisation from which independent quantitative estimation of particle size and size distribution can be immediately obtained. (Full article on website www.nanotsight.co.uk)
Water Innovate
June 2005
Water Innovate Ltd is a spin-out company from the School of Water Sciences at Cranfield University established to bring innovative ideas from research in the water and wastewater sectors to market. The company has a range of technologies that it will commercialise through a process of product development, service contracts and licensing deals.
In June 2005, Water Innovate raised over £546,000 with the help of Oxford Early Investments (OEI), a business angel network that helps early stage companies raise funds. This marks the first deal closed by OEI since the network was launched in late 2004.
The funding package includes £193,000 from business angels (including OEI members), £150,000 from Oxford Technology 4 VCT, £150,000 investment by NESTA and £53,000 from Cranfield Enterprises Ltd.
John Catling, Executive Chairman of Water Innovate, said:
"The OEI Network provides an ideal forum for very early stage companies seeking funding at a level that is beyond friends, family and the bank but below the radar screen of venture capitalists. The presentation was well-organised and OEI's manager did a very professional job in helping to match us with appropriate investors so that we could raise the vital finance we need to take our technologies to market."
Alastair Cavanagh, Manager of Oxford Early Investments, said:
"Water Innovate offered the OEI investors unique and leading edge technologies with clear market potential, backed by a proven management team that knows the sector and has a successful track record. We are pleased that NESTA, an investor member and sponsor of the OEI Network, was attracted to invest alongside a syndicate of our business angels and Oxford Technology 4 VCT, enabling Water Innovate to secure the funds needed to commercialise their technologies."
www.waterinnovate.com