Rormix Secures Funding From The North West Fund for Digital & Creative
Manchester-based Rormix has secured investment from The North West Fund for Digital & Creative. Rormix helps users to discover music videos by independent and emerging artists via a mobile app and Youtube multi-channel network.
Rormix was founded by Amman Ahmed, along with co-founders Emma Owens, Chris Farrell and Mark Wheeler, who spotted the huge number of high-quality music videos available on Youtube from unsigned artists, many of which had hardly been viewed.
The app has now been downloaded 19,000 times on both iOS and Android since its launch in November 2013.
The company plans to use the funding to complete development of future iterations of the app on both mobile platforms and to develop Rormix.com as an independent centre for emerging music. Rormix was also recently shortlisted for the Greater Manchester Creative and Digital Launchpad.
European structure, JEREMIE
The JEREMIE initiative offers EU Member States, through their national or regional Managing Authorities, the opportunity to use part of their European Union (EU) Structural Funds to finance small and medium-sized enterprises by means of equity, loans or guarantees, through a revolving umbrella fund. The initiative was developed by the European Commission and the European Investment Fund, which is part of the European Investment Bank Group.
JEREMIE provides for a range of debt and equity financial tools to obtain the most appropriate allocation of funds according to national, regional or local requirements.
ERDF in the Northwest
ERDF is making a real difference to people and businesses in the North West. The current ERDF programme, which is worth €755 million is, enhancing the competitiveness of the region’s economy by supporting growth in enterprise and employment.
ERDF in the North West is managed by the Department for Communities and Local Government.
The EIB is the European Union’s long-term financing institution and, provides long-term finance for capital projects promoting European economic objectives. The EIB made its first loan in the UK in 1973 and since then has lent around €75bn for investment in the UK economy. In the years from 2004 to 2009, the EIB financed investment in the UK totalling some € 23.5bn - GBP 17.5 billion.
Amman Ahmed, CEO, Rormix said: “The investment from AXM will allow us to accelerate growth in an expanding market and be known as the central platform for discovering emerging/unsigned music videos. We are excited to be able to expand our team in the North West and we are looking to put Manchester on the tech map on a global scale.”
Rupert Wingate-Saul, Investment Manager, AXM Venture Capital, which manages The North West Fund for Digital & Creative, said: “We are excited to be able to support this young management team operating in a huge and expanding market. The music space is all about user experience and execution, and the team has already demonstrated with their first release that they can deliver on both fronts.”
The North West Fund for Digital & Creative is part of The North West Fund and is financed by the European Regional Development Fund and the European Investment Bank.
About Rormix (rormix.com)
Rormix is an app for discovering emerging and unsigned music videos from artists around the world. The app is available on iOS and Android and prides itself on only showing quality content.
Rormix's mission is to be the go-to platform for independent artists to place themselves in front of a motivated and targeted audience.
From the user's point of view, Rormix gathers, filters and reorganises content in a way which makes discovery simple. Rormix aims to reward the user for their level of interaction and make them an influencer within the community. Also Rormix has a partnership with 700 UK gym chains to show rormix music videos on their television networks.
About AXM Venture Capital
AXM Venture Capital is an experienced fund manager for digital, media, and creative industries investments. It has offices in Manchester, Liverpool and London. In addition to The North West Fund for Digital & Creative and currently manages two London-based digital and creative funds.
The North West Fund for Digital & Creative provides finance from £50,000 to £1.5m to businesses seeking funding to support a broad range of needs from start-up and early stage development through to expansion plans for trading businesses. In return, the Fund will require an equity share in the business.
The North West Fund
The North West Fund is a substantial evergreen investment fund established to provide debt and equity funding (from £50,000 to £2 million) to small and medium sized enterprises based in, or relocating to, the North West of England. The North West Fund addresses an identified gap in the lending, venture capital and private equity markets. It is one of the largest public sector funds of its kind in Europe and the largest in the UK.
The North West Fund is financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB) under the European Commission's Joint European Resources for Micro to Medium Enterprises Initiative – otherwise known as the JEREMIE programme.
The North West Fund is the umbrella name for the six funds that are available to businesses in the form of debt, equity and quasi-equity. These funds are managed by five fund managers under contract with North West Business Finance Limited (NWBF), which has been established to oversee the delivery of The North West Fund.
Emma Owens is twenty four years old, and graduated from university with a marketing degree in 2012. She initially went into retail, which she hated. Then she met Amman, worked on Roundwaves and increased virality for RelaxMyDog by 250%. Now Emma is a cofounder at Rormix with four other colleagues, all aged between 24-27, and works in Manchester, UK. Rormix is an app to help users discover emerging music videos.
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