GovToday secures second round of investment
Venture capital firm Osprey Capital is making an investment into GovToday, the public sector media platform.
Having raised over GBP700,000 last year, including an initial round of investment from Osprey and a grant from the North West Fund for Digital & Creative, the latest fundraising has seen a small group of investors commit a further GBP500,000.
Along with Osprey, a significant proportion of this funding has come from the Greater Manchester Loan Fund, managed by Maven Capital Partners.
GovToday, which incorporates an online portal engaging with the public, private and third sectors as well as a programme of events and conferences, is committed to communicating key government initiatives and policies across a range of fields. The company employs more than 40 people and last year re-located to MediaCity in Manchester.
The new funds will used to support growth in terms of new product offerings and a deepening of the content currently produced, as well as increasing headcount to expand the platform and its focus.
Tony Farrar, co-founder and director, GovToday, says: “This latest round of funding is vital for us to take the content that we produce currently and elevate it to the next level in terms of video and distribution across social media. We have a fantastic platform and conference programme but we know we need to do more to create more engaging, sharable content that will keep us at the forefront of local government issues. Such ambition requires an investment in terms of people and this funding will be central to this growth.”
Ronan Kearney, chairman, Osprey Capital, says: “The potential of GovToday is clear for all to see in the North West, so the chance to invest for a second time was too good an opportunity to miss. I have thoroughly enjoyed working with the team and it was the combined drive, vision and commitment of Tony Farrar and his co-founder Rob Hollis that led to this second investment.”
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