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A Birmingham-based company specialising in large-scale digital advertising has secured a £250,000 loan from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund and backed by the Recovery Loan Scheme.

The funds will be used to support the design and build of two new digital screens and create six new jobs.

Engage Outdoor Media provides advertising space on large scale digital screens in areas of high road traffic. Handling a number of owned and leased screens throughout the UK, the company finds sites, negotiates long-term leases and obtains planning permission before erecting the screens and selling the advertising space to a range of commercial and public sector clients. 

The MEIF loan will fund the build of two new screens in Birmingham and Leeds, as well as job creation for new finance and sales staff required to support the increase in work volume.

Growth that stalled in the Out of Home (OOH) advertising industry during the pandemic has now picked up again, with the Advertising Association forecasting OOH growth of almost a third this year. The trade body Outsmart announced the highest ever quarterly OOH revenue growth in 2021, with the digital share of this revenue significantly higher than its pre-pandemic share.

Ian Bullingham, founder and MD of Engage, commented: “I started Engage Outdoor Media in late 2018 to create a more dynamic and flexible digital OOH offering and we quickly completed the installation of our first three roadside screens. The pandemic hit our market hard, however, we overcame the challenges and have now built 15 new digital advertising billboards across the Midlands and the North.

“Our FSE investment manager’s thoughtful, caring and thorough approach exceeded my expectations; we will continue to work with her for additional funding later this year.”

Kerry Haughton, Investment Manager for The FSE Group, appointed fund manager for MEIF Debt Finance Fund, added: “Engage Outdoor Media has developed a strong base with regular clients and referrals, and an established relationship with Birmingham’s premium advertising agency. They are increasing their ability to provide the sites required by the growing digital advertising market and through strategic use of owned and leased sites they are spreading risk and increasing revenue. This, together with a strong and dedicated MD, positions the company for future growth and we are excited to be working with them to realise this.”

Mark Wilcockson, Senior Investment Manager , at the British Business Bank, said: “It is fantastic to see the MEIF supporting SMEs in the region’s creative industries. Birmingham-based Engage Outdoor Media will use MEIF funding to expand the reach of its digital marketing services – also boosting the local economy with the creation of six new job roles. We encourage other businesses in the West Midlands to consider the MEIF funding options available.”

Anita Bhalla, Interim Chair at the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) said: During a challenging two years, businesses received targeted assistance and grants from GBSLEP and GBSLEP Growth Hub. Many business owners benefitted from this support as they could maintain their operations and workforce whilst also pivoting to the changing local economy. Now as we adjust to a full reopening, we are committed to helping our businesses grow. That’s why this latest MEIF funding for Engage Outdoor Media is so critical. It will allow them to scale up their operations and create new employment opportunities which supports our GBSLEP vision of driving inclusive economic growth across the region.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.

The Room, the MediaTech marketplace has achieved 200% YoY growth and has expanded its client base welcoming new partnerships with Charlotte Tilbury, Red Bull and Virgin.

The business is a joint venture between Sky Sports host Alex Payne and marketing executive Tanya Hamilton-Smith. Having spent their careers understanding respectively the power of fandom (Alex as the face of English Rugby broadcasting) and brands (Tanya formerly of JWT and BBDO) they have developed a powerful proposition to bring together the worlds of Brands and Influence in a marketplace solution that provides a much needed antidote to the fog of paid posts and sponsored media. 

This new model is designed to drive trust and loyalty by creating an authentic and truly rewarding experience. Brands swap products & experiences in exchange for media created by influential people. This media performs better, is greater in terms of volume of content created and has the all important benefit of being truly authentic. 

Back in 2021, The Room raised investment from the TVB Growth Fund, which is managed by The FSE Group, who were joined by a number of angel investors from across the technology and private equity sectors. Throughout 2021 and into 2022 The Room have been focussing on the development of their global product and expanding their message about the importance of Brand Love across new sectors in the UK and beyond.

Alex Payne, Co-Founder at The Room said, “We are lucky enough to have an enviable and incredibly experienced group of shareholders around us who have all contributed to the success we’re seeing.  Tanya and I are looking forward to the next, Global chapter of growth for The Room and gearing up to a Series A raise later this year.”

Bradley Jones, Equity Portfolio Manager at The FSE Group: “Having known Alex & Tanya over the past few years before making an investment, we have been able to truly understand how the business has developed and professionalised its differentiation. As the world of social media develops, The Room is at the forefront of enabling brands to reach new customers through transparent authentic conversations in place of an influencer being paid to like a product. I am excited to continue to work with The Room team as they continue to scale the business through this next stage of growth.”

The TVB Growth Fund is part of Thames Valley Berkshire Funding Escalator, an £11.3m initiative funded by Thames Valley Berkshire LEP to support job creation and economic prosperity in Berkshire. The escalator, which also includes four separate loan schemes, provides eligible companies – from start-up to established – with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities.

The Enterprise

Codices provides livestream broadcasters with the tools required to engage with their audiences interactively. Founded in 2018 out of Falmouth University Launchpad by Tim Edwards and Fern Pombeiro, the company’s first-to-market interactive software solution, Quiz Kit, is the leading gameshow creation tool on Amazon owned Twitch, the world’s leading video game livestream platform.

With a global video streaming market worth $54bn and growing at 20% per annum, and interactive shows a key driver of this growth, Codices’ ambition has been bigger than Quiz Kit from the beginning. Acting as a front end to deliver its technology to a large market, Quiz Kit has enabled Codices to quickly and cost effectively develop, test and validate new formats and monetisation mechanics, which it is using to inform the development of its own platform, Moar. Moar will be the first platform that allows anyone to create, watch and run live interactive shows through its native app.

The Funding

Codices secured £500,000 of CIOSIF equity investment across two funding rounds in 2020 and 2022. Additional private investment was leveraged totalling £1+million across the funding rounds.

The Impact

Since the initial CIOSIF investment in 2020, Codices’ Twitch user base has grown from circa 500 monthly active broadcasters and 150,000 monthly active viewers to circa 16,000 monthly active broadcasters and 3 million monthly active viewers. The funding has enabled investment in product development and new hires to focus on the progress of Codices’ Moar platform, helping bring this core product closer to launch. Moar is now in beta testing with 18 leading creators who have an audience reach of more than 19m viewers.

“The CIOSIF funding and leveraged private investment has meant we can push ahead with our new product launch as we build upon the knowledge and progress gained over the last few years. Alongside our other investors, The FSE Group has been key in helping us get to where we needed to be in terms of funding and associated support.” Tim Edwards, CEO & Co-founder, Codices

Codices will be publicly announcing Moar and its features on March 29th which anyone can watch at the following link: https://www.eventbrite.com/e/moar-the-interactive-livestreaming-platform-tickets-293156989447

Penzance based independent film production company, Bosena, has received a £40,000 loan from the Cornwall and Isles of Scilly Investment Fund (CIOSIF).

The funding will enable the company to expand and recruit two new members of staff, while supporting the company’s sustainability-focused, ethical and environmentally positive principles and ways of working.

Bosena is focused on supporting and promoting Cornish and other under-represented talent within the media sector, while delivering each project in an ‘ecological harmony’ manner. The company does this by creating jobs across the creative industries, building upon their commitment to making creatively and critically successful films which also follow the Bosena ‘stepping lightly’ regenerative principles of production.

They are currently working on projects across film, TV, and animation including niche Cornish language productions and these projects will be delivered across media channels including theatrical distribution, broadcasting, digital streaming and mobile.

The company’s latest feature is Enys Men, by BAFTA winning writer-director Mark Jenkin and produced by Bosena CEO Denzil Monk. The ‘ecosophical horror’ is set in the Cornish landscape and is the follow up to BAIT (2019), the highly acclaimed, award-winning drama which focuses on the issues surrounding the gentrification of a small Cornish fishing village.

Denzil Monk, CEO of Bosena, commented: “We are committed to showcasing the wealth of production talent that Cornwall has to offer by producing critically celebrated and commercially successful features. Acting local, whilst thinking global is vitally important to us as we’re proud of our roots, which is why we are always keen to make work which uses and celebrates our Cornish language and culture, and why finding and continually employing Cornish talent is a cornerstone of our ecosophical objectives.

“Wherever our productions are based, Bosena is committed to working with sustainable suppliers, local crews and talent, and to evolving our production process to achieve positive effects and outputs wherever possible. This way of working is more relevant, and more important than ever, so we are delighted to be partnering with Cornwall and Isles of Scilly Investment Fund (CIOSIF) to enable our growth whilst remaining steadfast in our commitment to Cornwall, and our surrounding environment.”

Rachel Thomson, CIOSIF Business Manager, added: “We are thrilled to be supporting a company that is so committed to its local heritage, using both the Cornish landscape and the people who live there. Many art house film fans were disappointed by the delay in release date for Enys Men which was postponed due to the pandemic, but we are delighted that production has now been able to resume. Bosena has some exciting projects in the pipeline, and we are pleased to be supporting them as they take their ideas and creativity forward with such a fitting, and admirable, sustainability philosophy.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).

Lloyd Brina, Senior Manager at the British Business Bank, said: “Cornwall’s screen sector is booming in the digital era and wants to be known for world-leading sustainable practice. It’s good to see a business like Bosena helping to lead that vision, producing award-winning film in an ethical and environmentally positive way.”

John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “Bosena is committed to showcasing Cornish language, culture and talent and is the latest business to be backed by the fund that puts sustainability at the heart of everything it does.”

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk  or follow the fund on Twitter at @CIOSIFBBB2

Find out more about Bosena here: https://www.bosena.co.uk/

A London based technology company has secured a £250,000 investment from the Greater London Investment Fund (GLIF), backed by the Recovery Loan Scheme. 

The GLIF loan, along with additional private equity investment, will be used for further product development and to create 100 new jobs over the next two years, more than doubling the current workforce. 

Looper Insights began developing its product in response to an industry problem that the major Hollywood Studios and VoD Streaming companies were experiencing. They simply couldn’t see where their content was placed on Connected TV Devices like Smart TV’s, set top boxes, streaming devices, games consoles and web stores. Looper has created a black box which scans all of these UIs for App and Title placement, which is used to provide data analysis and insights to film and television studios, distributors, and Video on Demand stores to optimise their revenues. 

Previously, media companies did not have up-to-date information on pricing levels and promotions, and many managed their back catalogues on spreadsheets. Looper’s software allows the content creators to manage their content across platforms such as iTunes, Amazon Prime Video, XBox and Samsung TVs, enabling clients to use the data to advise them on what they need to change in the distribution of each film/TV show, and whether there is potential to increase its revenues through visibility and campaign opportunities. 

Lucas Bertrand, Co-founder, CEO and Board Director, said: “Looper provides a service to content providers that no other company is currently offering, bringing a huge opportunity in a growing sector. We are extremely grateful for this GLIF loan, which has come at an opportune moment to capitalise on the rapid increase in the Video on Demand market through the expansion of our staff base as well as funding our product development work, which focuses on building access to more and more devices.”  

The complex technology has taken over two years to develop and build, assuring Looper an early market adoption advantage, which they are planning to protect through patent applications this year. With the global Video on Demand market worth around $55bn and projected to rise to $160bn by 2027, the importance of Connected TV Devices in delivering the end user experience is increasing, making the service Looper offers even more relevant to content providers. 

Paul Shadbolt, Investment Manager for The FSE Group, which manages the £55 million debt fund on behalf of Funding London, commented: “Looper has developed a ground-breaking product that is solving the problems of some of the biggest television and film distribution companies across the world, including Amazon, Sony and Disney. This, together with a team of advisors and board directors with vast experience in this sector and the ability to support and advise Lucas in the development of the brand, positions the company well for future growth and we are excited to be working with them to realise this.” 

Maggie Rodriguez-Piza, CEO at Funding London, adds: “We were very impressed with the pioneering technology Lucas and the team have created. The market opportunity is substantial and by having a first-mover advantage, we believe Looper is best positioned to achieve its ambitions. We are thrilled to be supporting the business’ and team’s expansion through the GLIF loan.”

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & Recycling Board (LWARB) and Funding London’s Legacies.

The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme.