Octopus Investments has made an investment of GBP2m into PrismaStar, a product search company in Europe.
It represents the 18th deal concluded by Octopus this year.
PrismaStar was founded in 2005 and has designed and patented technology to help consumers find products and services personalised to their individual tastes in the e-commerce market. It enables users to find products based on multiple product specifications.
The injection of funding will help PrismaStar increase its footprint on the growing US, UK and EC market for online retail, forecast to be worth USD945bn in 2012.
Alan Wallace from Octopus says: “PrismaStar has an outstanding management team and technology that is making internet product search significantly easier and more pleasurable. This focus on improving the consumer experience fits perfectly with Octopus’ philosophy. With PrismaStar’s search technology, e-commerce retailers are now able to increase sales productivity on almost any e-commerce website.”
Joshua Tabin, chief executive of PrismaStar, adds: “Having the backing of an experienced investor such as Octopus is a great step forward for us. Their support will help us grow and expand the business into new markets where internet shopping is fast becoming the norm. But Octopus has already provided much more than pure funding – their advice and guidance will continue to be invaluable in helping us prepare for the future and realise our true potential.”
Funds were provided from the Octopus Titan VCT funds, the Eureka EIS Portfolio Service and the Octopus Venture Partners.
