UK-based venture capital firm NorthStar Equity Investors (NSEI) has led a £335,000 financing round in digital start-up company Quick.tv.
NSEI initially backed the company in 2006 with a £60,000 Proof of Concept funding, followed by a further £500,000 from its Co-Investment Fund in 2007. The North east England investment company has now pledged a further £210,000 as part of its latest round that came from existing investors and new business angels.
Based in Newcastle, Quick.tv is going to use the financing to launch its latest online video technology in the coming weeks. In response to the difficult economic climate as well as the declining revenues for advertising in the broadcasting sector, Quick.tv which originally proposed an interactive television platform, has since repositioned to target the online video market.
Quick.tv’s latest technology will be free to access and will be geared towards design, production and digital agencies, publishing companies, as well as SMEs and e-tailers.