Relationship marketing software expert Larosco ramps up its growth strategy having announced the successful closure of its first round of funding.
Par Equity, the venture capital firm which focuses on providing financial and intellectual capital to innovative small and medium sized companies with high growth potential, has invested in Larosco - creators of the revolutionary relationship and referral marketing system BongoMagic - as part of a match funding deal with Scottish Enterprise and the Scottish Investment Bank.
Having secured a significant six figure investment, the Edinburgh based company will drive Larosco’s growth programme in the coming months, dividing and distributing the funds across a number of technical, client service and business development areas.
“We’ve been developing the BongoMagic project for the past 2 years, and are absolutely delighted to have achieved investment at this stage. Our referral marketing tool, and specifically its implementation as a recruitment solution has already met with significant success, and the funding has been ear marked for use in a number of key product development and service areas.”
“We are lucky to have such a dedicated and dynamic team and I believe that this boost will enable us to kick start our expansion programme and move forward at pace. We’re confident that the funding will have a major impact upon the company's future development and look forward to the exciting months ahead,” said Larosco founding Director, Laura Sullivan.
Enabling companies to extend their reach and engagement with their target audience, Larosco’s core product, BongoMagic is an advanced software system offering a relationship and referral marketing tool. The system can be applied to almost any market sector - facilitating significant benefits, improved efficiencies and cost savings for clients - but has been particularly popular amongst the recruitment and retail sectors.
Recognised as an industry pioneer and innovator of technological systems, Larosco co-Founder and CTO Dave Young holds over 30 years experience in the IT industry sector having worked with and developed products for IBM, Apple, GEC Marconi, Lear Astronics, and ICL among others. An original founder and shareholder of RecruitmentScotland.com, the leading UK job web site acquired by Monster in 2000, Young is identified as one of the pioneers of online recruitment in the UK. Most recently, he held the role of Managing Director of Alcuda Limited, a post which carried the responsibility of creating and delivering innovative online e-commerce solutions for companies such as Reed Business, LoveFilm, British Council and Venda.
A seasoned and highly regarded sales professional with a wealth of sales and marketing experience spanning a 20 year period, Sullivan has worked at senior management and Director levels with RecruitmentScotland.com, Hudson, Head Resourcing and Monster.com prior to setting up Larosco with Young in 2009.
Paul Atkinson, Partner at Par Equity stated:
"Larosco is an important investment for the Par Innovation Fund and we are delighted to be supporting this ground breaking social media marketing business with both our financial and advisory capability. The technical know how of Dave Young and Sales prowess of Laura Sullivan along with the rest of the Larosco team, provide a great foundation for success."
Account Manager helen@Revolver-pr.co.uk