Dow Schofield Watts Ventures – the new Northern angel network – has completed its inaugural deal, with a £500,000 investment in Warrington-based software company Avanite.
Over 30 angel investors took part in the funding round, which will allow Avanite to expand its team to speed up product development and boost sales.
Founded in 2015 by IT consultants Peter Jones and Francesco Giarletta, Avanite has found a way to help IT managers to improve user experience, speed up log-in times and reduce infrastructure costs.
Its WebData Control software removes the web cache including the web browsing history that is retained by users in virtual computing environments. Removing this unnecessary data helps to improve performance and safeguard sensitive information in line with new data privacy rules.
Since its launch in 2017, WebData Control has achieved six-figure sales and is used by customers including Gwynedd Council and a large Swedish industrial group.
Francesco Giarletta said: “We’re extremely pleased to welcome DSW Ventures on board. Their support enables us to accelerate growth through our roadmap schedule to strengthen our product portfolio.”
Dow Schofield Watts Ventures now has over 50 investors and has received applications from over 150 tech firms. Avanite was the first to be selected and Ventures were offered an EIS qualifying £500,000 stake.
David Smith, who heads the network, says: “Avanite’s software solves a major problem for IT managers and could have first-mover advantage in the global marketplace. We have had very strong interest from our members since presenting them with this opportunity. Having already identified a number of other tech firms with high-growth potential, we look forward to completing more investments in the near future.”