UK analytics firm Formisimo has raised £350,000 in a seed investment round after being crowned the winners of the BizCamp competition and being awarded a trip to Tel Aviv, Israel.
The majority of the funding came from the North West Fund, two London-based angel investors and Seedcamp, one of Europe’s leading accelerators.
Formisimo's form analytics tool aims to help businesses understand how customers use their webforms, and includes a reactions engine to allow websites to respond to their customers in real time.
The firm, which launched its beta product in May 2013, said it will use the investment to relocate from London back to its birthplace in Manchester and grow its team from four to 14 over the next year.
Al Mackin, co-founder of Formisimo, said: “We’ve bootstrapped Formisimo and have seen significant growth. With the support of our investors, advisors and mentors we can enhance our current offering, build a team in Manchester and create further ways that make it easier for consumers and businesses to exchange information.”
The company exited beta in January 2014 and has now moved to a paid model. Today it claims to have tracked more than 380 million customer interactions and counts over 1000 companies – including the Financial Times, Asda and Thomas Cook – among its users.
Mackin and his co-founder Tom New have been running the business out of Google Campus in East London over the last three months after they were selected to be a part of the Seedcamp accelerator.
"We think Manchester is the perfect place for us right now," said New. "It has a thriving digital and creative sector and it also has a fantastic, large talent pool. The business and start-up community is open, inclusive and willing to help us, plus it has some great office space. We learnt a huge amount from being in London during Seedcamp and have brought as much of that learning back with us."
The funding round comes after Formisimo spent a week on a start-up boot camp in Israel last October with nine other winners from nine other countries. While in Israel – sometimes referred to by some as “the start-up nation” – Formisimo attended seminars, pitched to VCs and networked with some of the country's leading high tech companies, CEOs, investors and start-ups.
"Our trip to Israel completely transformed our ambitions for our company," said New. "The competition was the first time we'd really talked about our idea in public and to have it so well received opened our eyes to new possibilities. The trip let us meet some fantastic people and also fellow start-ups. We're certain that Seedcamp and our funding round would not have happened without it."
Commenting on the funding announcement, Anthony Miller, an analyst at TechMarketView, said: “In comparison to the millions of dollars that US startups can attract, Formisimo’s £350k looks distinctly meagre – so let’s hope they run lean and mean.”
Reshma Sohoni, founder and partner of Seedcamp, said: "Every E-commerce and B2B business marketing head should be using Formisimo. If they aren't, the CEO should be calling them in right now. That's why we backed Formisimo. They have a global reach, a crazily ambitious team and Seedcamp are excited to be working with them."
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