Webdevelopment raises £1.5 million for US expansion
More VC fund-raising to follow
London software house Webdevelopment Ltd has secured £1.25 million funding for expansion into the US, through a syndicated equity investment by 3i, Thames Valley and Elderstreet Investor’s Club. Webdevelopment, which received £750k from 3i in an earlier round of funding, said it plans a fresh fund raising exercise for the first half of next year. It declined to disclose the size of the equity stake already released to outside investors. Webdevelopment has developed an “advanced web content management system” for the corporate market, called MediaSurface. This is designed to address what Webdevelopment dubs the “content crisis suffered by organisations with frequently changing information on their intranet and Internet websites". Mediasurface enables authors, editors, designers and managers to administer “continually evolving content for reuse in many possible media including intranet, Internet, CD-ROM and print-based publications”. With a UK customer base that includes Reuters, Webdevelopment claims the product has generated “massive interest” among key players in the US. It now has the money to build a sales and support operation there.