Wonga investor backs archify with seed funding

Balderton Capital, the London-based venture capital firm behind seed investments in loan provider Wonga and entertainment retailer LOVEFiLM, has provided early stage capital to archify.

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Vienna-based Archify has attracted an undisclosed seed investment from Balderton Capital as it looks to expand and relocate the business.

Founded in 2010 by Gerald Back, Max Kossatz and Walter Palmetshofer, archify archives internet content for later viewing. The service allows users to quickly find content which they viewed on news sites or social media platforms without having to look back through their web history.

On the back of the seed funding the business is set to relocate to Berlin’s tech hub. ‘We wanted to take advantage of the city’s exceptional talent pool and the thriving start-up community,’ Palmetshofer adds.

Rob Moffat, principal at Balderton Capital, comments, ‘Fragmentation and information overload are both fascinating areas and we’re seeing solutions such as archify expand rapidly.

‘Gerald, Max and Walter have built an intuitive and powerful product and we’re excited by the possibilities ahead.’

As part of the deal Moffat and Mark Evans, partner at Balderton Capital, will join the board of archify alongside its founders.

As well as Wonga and LOVEFiLM Balderton Capital has had previous investments in social media platform Bebo, which as sold to AOL for $850 million, and Betfair, which floated on the London Stock Exchange in 2010.

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