Northern tech angel network announces first six-figure investment
An angel investment network set up last year to support the Northern tech sector has announced its first funding round.
Dow Schofield Watts Angels, which attracted more than 50 investors in its first month, is offering its angels an EIS-qualifying £500k stake in software company Avanite.
Based in Warrington, Avanite has developed a product designed to help IT managers improve user experience, speed up login times and slash infrastructure costs.
The company was founded in 2015 by IT consultants Peter Jones and Francesco Giarletta. Its first product, WebData Control, launched in 2017 and has already achieved six-figure sales.
More than 150 technology businesses have applied for funding from Dow Schofield Watts Angels. Avanite is the first company selected.
David Smith, who leads the network, said: “Avanite’s software addresses a very real problem for system administrators and initial sales have proven its appeal.
“The founders have so far managed to bootstrap the business using their consultancy income. This funding will allow them to focus on developing the product further and building the customer base.”
“We believe that WebData Control has first-mover advantage in a large global market.”