Birmingham video firm receives Midven cash
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Rugby World Cup 2011 video producer Big Button Media has closed a £400,000 funding round as it looks to grow its share of the UK market.
Midven has backed Birmingham-based Big Button Media through its £18.4 million Exceed - Midlands Advantage Fund.
Big Button Media will now look to grow its online video platform Buto, a service which is used by brands and organisations such as Tesco and Interflora to upload, manage and measure web videos.
The Buto platform has also been used to develop online TV channels for brands such as UCA and the Rugby Football Union for the Rugby World Cup in 2011.
According to Midven, its fund has invested the money as part of a stage one funding round, and is set to increase its investment.
Big Button Media will use the £400,000 to develop sales and marketing functions for its Buto platform and develop channel sales.
Buto managing director Andy McNamara comments, 'We've built this technology product from the ground up right here in Birmingham and it's great that the city's leading investment firm has chosen to support us.'
The fundraising is the second August deal for Birmingham-headquartered Midven, which provided £105,000 from its Early Advantage Fund to support LED technology business AccurIC.
Steven Greenall, investment director at Midven, says that the firm has seen how much Big Button has achieved through its own innovation and investment.
He adds, 'They've built a world class product and signed up some high profile customers. It's a pleasure for us to be backing a technology company in scaling what they know already works.'
Midven's £18.4 million Exceed Fund was established in December 2009 to invest in high growth businesses in the West Midlands. It became operational in March 2010 when LDC became an investor and can invest up to £750,000 in a range of sectors to support expansion and development.