Birmingham-based software developer Covatic has secured £400,000 as part of a co-investment from British Business Bank’s Future Fund which facilitates growth in high-potential creative companies across the UK, Creative Growth Finance, a specialist fund for the creative industries and Oxford Science and Innovation.
This support follows the news that Covatic has also been accepted onto the international accelerator programme Techstars, making it the only company outside of North America to be included as part of this US-based scale-up scheme. Together, these developments aim to future catalyse the team’s goal of revolutionising the ways in which broadcasters deliver digital content to consumers on the move.
Formed back in 2016, Covatic are the owners of Serendipity – a bespoke software that allows broadcasters to identify when, where and how users are interacting with digital media. This helps media companies offer consumers a more personalised and individual experience tailored to their specific viewing habits. Critically, Serendipity works in a way that protects its users’ personal data, allowing them to retain their online privacy whilst receiving a meaningful viewing experience that’s built around their daily routines. To date, the West Midlands company has rolled out its software to media giants like the BBC – and with their recent investment round and time spent on Techstars, more broadcasters are likely to soon follow suit.
Creative England initially backed the business back in 2016 and continue to support it’s mission. From direct investment and loans to business support; Creative England champion the best ideas of talented people and their businesses. The Creative Growth Finance Debt Fund, led by Creative England in partnership with Triodos Bank UK, is a £24 million fund providing vital scale up finance to the UK’s most promising creative businesses.
The fund offers financial support to SMEs with high-growth potential in the form of business loans and direct investment. It can be accessed to battle cash-flow issues encountered throughout the current pandemic, or simply to help grow and expand your organisation. The fund is open year round – find out more by visiting the Creative England website.
Words by Simon Bland