Circalit’s funding round corner-stoned by investment by Angels in the City /LBA Syndicate
Early Stage London based digital publishing platform specialist, Circalit (http://www.circalit.com/public/), has successfully closed a funding round which was corner-stoned by an investment by a syndicate of Angels in the Cityinvesting alongsideLBA investors. The company has developed an innovative digital publishing platform and aims to become the “youtube for ebooks,” where writers can publish their books on web and mobile, and sell directly to readers at the price they choose. Content is distributed through Facebook, APIs, Twitter and widgets. The new funds will be used to expand the company’s resources, bolster technical development and accelerate growth.
Angels in the City aims to increase the awareness of individualsbased in the Financial Square Mile to become investors and to bring their financial capacity and business experience to invest in innovative, entrepreneurs with high growth potential in the City Fringes, including the Tech City cluster. The City of London Corporation is working with London Business Angels to deliver the programme (http://www.angelcapital.co.uk/content/angels-city).
Raoul Tawadey, Circalit CEO, comments, “We're absolutely delighted to be closing this round of funding with Angels in the City/LBA and we look forward to launching our new product in the next few months. The Angels in the City/LBA service has provided us not only with the necessary capital but with the relevant sector expertise to take us through to our product-market-fit"
Anthony Clarke, London Business Angels Managing Director, comments, “I am delighted that, following the Angels in the City Presentation event at the Innovation Warehouse in Spitalfields on the 25th April 2012, supported by City of London Corporation, a syndicate of Angels in the City investors together with angels from LBA have underpinned Circalit’s funding round. We have now delivered 7 awareness raising and capacity building workshops under the Angels in the City project since November 2011, bringing LBA’s longstanding experience of supporting angel investing and building the capacity of new investors. Around 80 potential angels from the City of London have participated so far in the project and I am delighted that a number of these individuals have started to invest and add value to early stage companies in the city fringes bringing their financial capital, experiences and contacts to support the growth of these businesses. “
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