Manchester entrepreneurs secure £350k investment for tech startup

Manchester-based entrepreneurs Stuart Logan and Damien Shiells have secured six-figure funding for their tech startup Twine, an online platform for creativity and collaboration.

The Manchester University graduates raised £350k from North West-based AXM Venture Capital and a string of angel investors that included Steve Pankhurst, the founder of social network Friends Reunited.

CEO Stuart said: “We are really excited for 2016. This fundraising round will help us achieve our goal of becoming the de facto marketplace and network for the creative industry.”

Stuart and Twine CTO Damien, who both studied computer science at university, founded the company two years ago as Clowdy after working for an ad-tech firm.

Since its inception, Twine’s network has grown to encompass 130k creatives. While the majority of its current user base lies the US, UK and Italy, the company’s network includes projects from as far afield as the Congo, Guatemala and Mumbai.

Stuart continued: “The investment will be used for rapid growth in our network beyond our current 130k registered users and we need to continue our global expansion to capitalise on the US market opportunity.”

Much of the funding came through the AXM-managed North West Fund for Digital & Creative, which was set up to support the region’s digital and creative sector.

AXM’s investment director, Rupert Wingate-Saul, said “We are delighted to back Stuart and his team and we’re keen to support the growth of this dynamic business.”

Speaking further, Stuart said he believes the barriers for freelancers in the creative industry are finally lifting.

He said: “The $500bn creative industry has been controlled by [record labels, ad agencies and film studios] until recently.

“Now the playing field is levelling. As a result the freelance economy is booming. Twine is capitalising on these market changes by becoming the market network for creatives.”

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