London-based online print and design business MOO has secured a £3 million revolving credit facility from Barclays to support an increase in marketing and R&D spends.
The money has been lent through Barclays newly launched Fast Growth Tech Fund which was set up to help fast growing technology businesses.
The company has experienced a sharp rise in turnover from sales of their bespoke online stationery and promotional material in recent years.
The cornerstone of the company’s product portfolio are the Mini, Square, and Luxe business cards, but a crucial factor in its success has been the bespoke ‘Printfinity’ service, which allows customers to have a different image or design on every card or sheet in a pack, providing a unique self-promotion asset. Customers can make use of hundreds of designs created by an in-house team, or upload and use their own material.
Benjamin Smith, financial director, commented, ‘The products we offer have proven very popular with small businesses and for individuals whose brand, unlike those of large recognisable corporations, need a creative means to stand out from the crowd.
‘Our success lies in individualising otherwise ubiquitous products, so it’s vital that we continues to develop and innovate at all times. Reaching a wider audience requires a ramp up in promotional activity, and investing in product development to ensure we continue to deliver innovative products that people love.’
Hemal Rawal, relationship director, Barclays’ Technology, Media and Telecoms team, said, ‘MOO is an exciting business, which is seizing the opportunity to claim an even bigger stake in a very lucrative market. It is one of the first to benefit from our new Fast Growth Technology Fund, which was set up to plug a significant gap in the traditional way technology businesses, which have passed the start-up phase, are funded.’
