A startup that plans to revolutionise how we consume video has exceeded expectations of seed investment by £78,000 and received funding from dotcom entrepreneur Steve Pankhurst, co-founder of Friends Reunited.
The completion of Reframed.TV’s second round of investment, totalling £328,000, allows co-founders Kev Price and Jo York to develop the Newcastle-based service over the next two years and create five new jobs in their mission to make video truly social.
And the company has wasted no time in hiring a talented new front-end developer, Phil Jeffes to develop the look and feel of Reframed while Paul Whitehead, an angel investor with vast commercial experience, including USwitch.com, Channel 4 and BSkyB, has come on board as a non-executive director.
Dubbed ‘Pinterest for video moments’ and ‘second chance Twitter’, Reframed.TV allows users to sync comments with specific moments of video and has attracted interest from Twitter UK and broadcasters, including BBC, Channel 4 and ITV.
Data is displayed as an activity graph over a timeline so users can skip to the parts of the video generating interest. Tweets are displayed next to the video at the moment they’re relevant, giving them context so users can join and share comments no matter when the initial content was posted.
The power of Reframed.TV’s contextual conversations lies in its sentiment and thematic analysis from comments, providing new insights, including search terms into the key video moments – vital for broadcasters and content creators.
Kev and Jo took Reframed.TV from concept to market trial within three months at the end of 2013 through technology accelerator Ignite100.
Since then they have doubled their team, made the finals at Thinking Digital 2014 – where Kev announced the use of Twitter Player cards – won Best New Business at the North East Women’s Entrepreneur Awards, were shortlisted for a Women of The Future award, and discussed Reframed.TV with a Special Advisor to the Prime Minister.
Steve Pankhurst heard about the company when he was mentoring Ignite100’s new batch of startups at Campus North – the home for North East startups and where Reframed is based.
After a meeting with Kev and Jo in London, and a look at the business plan, he was in. He said: “It’s a great idea and the business plan is sound. The team is ambitious and passionate, they work hard and just get on with it and I’m happy to support them.”
Returning funders include angel investor Doug Scott and venture capital firms IP Group plc and Northstar Ventures through the Finance For Business North East Technology Fund. This raise brings the total invested in Reframed.TV to over half a million pounds and values the company at £1.1m.
Kev Price, who was born and bred in Newcastle, said: “I love that we’ve managed to raise this money in the North East. The region is getting behind tech in a big way, we’re proud to be a part of it. The funds have been a great support and the draw of the Ignite accelerator and Campus North has made getting in front of Angel investors so much easier than it could have been. There are some great things happening up here.
Ian Wilson, Investment Manager at IP Group plc said: “Reframed.TV is establishing a good reputation – and excitement – in the market place and we’re pleased to be able to continue our support with further investment that will secure the company’s future for another two years and bring jobs to the North East and the technology sector.”
Jo York said: “Now that the raise is over we can’t wait push on with our plans and build more cool stuff. We’ve got some very exciting developments in the near future and we’ll be looking to find the right people to bring into the team to get us there.”
Issued by JK Consultancy on behalf of Reframed.TV. Further information: Jenny Kumar on 07989 557198 / firstname.lastname@example.org
Picture caption: Reframed.TV’s co-founders Jo York and Kev Price on the Gateshead Millennium Bridge.
Notes to editor
Reframed.TV is changing the way the world consumes, interacts with and shares video for the better. Co-founded by Jo York and Kev Price in Sept 2013, who are based in Newcastle, our mission is to make video truly social. Users can create contextual conversations with time-specific comments in video, share them with deep links, follow other users and favourite comments. It’s about building a community, moment by moment.
IP Group is a leading UK intellectual property (“IP”) commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, recruitment and business support.
The Company’s portfolio comprises holdings in over 60 companies including Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.
The portfolio includes early stage to mature businesses and has exposure to five main sectors – Energy & Renewables, Medical Equipment & Supplies, Pharma & Biotech, IT & Communications and Chemicals & Materials. To date, fifteen of the portfolio companies IP Group has backed have listed on the AIM market of the London Stock Exchange and one on ISDX. Founded in 2001, IP Group listed on AIM in October 2003 and moved to the Official List in June 2006.
About The North East Technology Fund
The North East Technology Fund is a £25m venture capital fund dedicated to investing in technology businesses with outstanding potential which are based in, or are willing to relocate to, the North East of England. The Fund is managed by IP Group plc and is backed by the European Investment Bank and European Regional Development Funds. It is able to co-invest with other institutional, private or corporate investors and at all stages of the business cycle from early stage to mature businesses. Its investment range is from £50,000 to £1.25m.
About Finance for Business North East
Finance for Business North East is a £125m publicly-backed venture capital fund. It will support up to 850 small and medium-sized companies in North East England over the next five years, with the aim of creating more than 5,000 jobs.
The European Investment Bank is committing £62.5m into the fund with £44.25m coming from the European Regional Development Fund 2007-2013. North East Finance, based in Newcastle, manages the fund on a day-to-day basis.
Finance for Business North East is part of the Government’s Solutions for Business portfolio of publicly funded help to companies to start, grow and succeed. Solutions for Business makes it easier for companies to get the advice and assistance that they need. More information on Solutions for Business can be found at www.businesslink.gov.uk/solutions.
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The Accelerator invests in high growth, innovative early stage businesses in any eligible sector and will complete investments of between £100k and £500k, with the maximum investment into any one company being limited to £750k per year. It invests in companies and pre-start enterprises at an early stage of their development i.e. predominantly at the startup and seed capital stages.
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North East Finance (NEF) is the holding fund manager of the £142.5m Finance for Business North East (FBNE) programme: a suite of seven venture capital and loan funds which NEF established in 2010. The funds, which provide investment for startup and growing businesses in the North East of ENgland, will continue investing until 2015 and aim to support 850 companies and to create or safeguard 7500 jobs.
NEF oversees the delivery of the seven funds, each of which is managed by an independent, FCA regulated fund management company. Details of these, and up-to-date information on the progress of the FBNE programme, is available on NEF’s website: www.northeastfinance.org
As well as providing funding options to businesses finding it difficult to access mainstream finance in the current economic climate, the FBNE programme aims to help stimulate new business creation, private investment in business and entrepreneurialism in the North East.
The FBNE programme is funded by the North East of England European Regional Development Fund programme, the European Investment Bank and the UK government. It was established under the JEREMIE initiative: a joint initiative of the European Commission and the European Investment Bank, which stands for Joint European Resources for Micro and Medium Enterprises.
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