PR firm pr2go gets £263,000 funding
A Birmingham public relations agency is the first recipient of a newly-launched investment fund designed to support expanding West Midland businesses.
The Exceed – Midlands Advantage Fund has invested £263,000 in budget PR company pr2go, which was founded just last year by chief executive James Hobday.
The fund, which is managed by venture capitalist company Midven, is financed by Lloyds Development Capital, Advantage West Midlands and the European Regional Development Fund and can invest up to £750,000 in a range of sectors to support expansion and development.
The PR firm has already taken on three new employees in the last few weeks and plans to take on another 30 by the end of the year.
Tony Stott, chief executive of Midven, said he was delighted the first investment had been completed.
“Midven now manages five funds in total which aim to invest in SMEs and start-ups with high-growth potential. Pr2go is one such company and we look forward to a successful relationship with them,” he said.
James Hobday, chief executive of pr2go, said: “The investment will allow pr2go to fund future growth to become a market leader within the next two years.
“Our aim is to make PR accessible and affordable for companies of all sizes.”
Midven launched another fund, the Early Advantage Fund, earlier this year which has already made six investments and it is hoped that the Exceed Fund will experience similar success.
Administered by Midven, the Exceed Midlands Advantage Fund is managed by Tony Stott, Midven’s chief executive, and Surjit Kooner, investment director for Exceed.