Start-up Formisimo to boost MediaCityUK team after £350,000 investment

Analytics start-up Formisimo has announced plans to increase headcount at its MediaCityUK base to 14 after winning £350,000 in venture capital investment from a syndicate led by The North West Fund for Digital & Creative.

Formisimo measures and analyses consumer behaviour in online checkouts and forms and has acquired 1,000 customers since launching last May. Brands already signed up include Travelex, Secret Escapes, Genting, WeBuyAnyCar, Asda, Virgin Active, Borro and The FT.

Founders Al Mackin and Tom New, who originally set the company up at SEO agency theEword, recently secured a place on the Seedcamp Academy programme, based at Google’s London headquarters.

Now, the cash injection – which includes investment from Seedcamp – will allow them to return to the North West to grow the company further.

(l to r) Tom New and Al Mackin

Tom New and Al Mackin

As well as boosting the team over the next 12 months, Telecity co-founder Anish Kapoor has been appointed as its first Manchester-based advisor. The team will continue to be mentored by London-based advisors from Google, Seedcamp, Moo.com and OneFineStay.

Mackin said: “We’ve self-financed Formisimo and have seen significant growth, with a thousand customers in over sixty countries. With the support of our investors, advisors and mentors we can enhance our current offering, grow our team in Manchester and create further ways that make it easier for consumers and businesses to exchange information.”

Rupert Wingate-Saul, Investment Manager, AXM Venture Capital, which manages The North West Fund for Digital & Creative, said: “Formisimo’s platform elegantly meets a real need in the e-commerce market. We are equally delighted to support their strategy of returning the business to the North West and growing the team at MediaCity.”

The North West Fund for Digital & Creative is part of The North West Fund and is financed by the European Regional Development Fund and the European Investment Bank.

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