£300k NPIF investment signals expansion for Radio.co
A fast-growing technology company based in Manchester has received a £300k loan from NPIF – FW Capital Debt Finance.
Radio.co has developed a streaming platform for radio stations allowing them to control and manage their channels through cloud based software.
The company was set up in 2014 by tech entrepreneur James Mulvany who launched his first company, Wavestreaming.com in 2004, when he was still at university. The business resold a variety of third party software solutions to radio stations but over time he identified ways to improve what was on offer.
He invested in the development of a bespoke product which incorporated streaming services and Radio.co was born.
Radio.co, one of our Rising Stars of Tech last year, employs 20 staff and around 3500 radio stations use the platform with around 50% of customers based in the USA.
NPIF – FW Capital Debt Finance is a Northern Powerhouse Investment Fund product fund managed by FW Capital to support its further expansion.
Director Mulvany said: “Investment is vital for us to take the company to the next level. Having always self-funded the business, I wasn’t sure what to expect but I’ve had a great experience with FW Capital.
“A contact of mine had received investment from FW Capital for his own business and highly recommended them. They were very straightforward to deal with and I was impressed by their ability to create a tailored package that suited the exact needs of our business.
“The funding will be used to develop new products and will create around 10 jobs this year. We expect turnover to reach £5m during the next three years.”
Sue Barnard, senior manager at British Business Bank, said: “We are pleased that NPIF through FW Capital have provided Radio.co with the right finance needed to purse its vision for growth.
“Supporting new and growing businesses to help drive economic growth in the North of England is a key objective at NPIF and through the support our fund managers, NPIF will continue to do so by assisting similar high-growth companies in need of funding in the region.”