Investee Company – IntelligentApps Ltd
Investee Company Country – UK
Investee Company Business Type – Developer of analytic applications
Type of Financing – Expansion
Equity Providers – Zouk Ventures, NewMedia SPARK, Geoff Squire
Equity Leader (Individual) – Samer Salty, Zouk Ventures
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £3 million
Total Deal Value – £3 million
Other Advisors – N/A
Comments – UK-based developer of analytic applications, IntelligentApps, has received £500,000 from pan-European venture capital fund, Zouk Ventures. The investment completes a £3 million fund raising which places Zouk alongside quoted incubator NewMedia SPARK and founding managing director of Oracle UK, Geoff Squire.
IntelligentApps has developed software to empower the estimated 120 million Microsoft Excel business end users, who build management reporting applications, to manage their businesses.
Scheduled for release later this year, the software is set to allow the user to comport powerful analytic applications while reducing costs and minimising extensive development times. The combination of the accessibility of Excel 2000, coupled with online analytical processing (OLAP) technology is targeted to relinquish dependency on the IT professional.
The focus of the additional funding is intended to be one of mobilising the expansion of sales, marketing and product development capabilities. The company is also looking to ensure a successful product launch in the North American marketplace.