A Cornish video streaming company which has struck digital gold with its quiz game shows has secured £650,000 in investment to seek new partners and create jobs.
Penryn-based Codices Interactive Limited has landed £250,000 in equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), as part of a larger £650,000 funding round, which includes investment from existing and new private investors.
Codices was founded in 2018 by Tim Edwards and Fern Pombeiro at the Falmouth University Launchpad Entrepreneurship programme.
The business works with brands and influencers to create live interactive shows on Twitch, a video live streaming service which is a subsidiary of Amazon.
By using Codices’ tools, broadcasters can build, engage and monetise their audiences through player-driven entertainment.
The Cornwall and Isles of Scilly Investment Fund (CIOSIF), supported by the European Regional Development Fund, is providing debt and equity finance, ranging from £25,000 to £2million, specifically to help small and medium sized businesses secure the funding they need for growth and development.
CIOSIF is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank.
Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
The Twitch platform has proven a great success with more than three million unique active streamers and more than 15million daily active users.
Codices’ product Quiz Kit is the most used game show creation tool on the platform globally, serving thousands of content creators across the world.
With social distancing measures in place and more people staying at home, Codices has seen an upward spike in uptake, with more than a million players entertained with Quiz Kit, as at the end of June.
Mr Edwards, chief executive of Codices, said, “During the pandemic, where we haven’t been able to socialise as much, it is increasingly important for us to stay connected to friends and family.
“With the increase in users, this investment will allow us to seek out new content partners to join our team, whether that be brands looking to capitalise on live streaming, or existing IP holders looking to expand their digital footprint. We are looking forward to expanding our team.”
Ralph Singleton, Hhead of fund at The FSE Group, said: “It has been very rewarding to be a part of Tim and Fern’s journey and watch them develop the Codices technology.
“The team already have credits on very popular television shows such as Who Wants To Be A Millionaire and The Million Pound Drop.
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“Their Twitch extension Quiz Kit has flourished and kept people connected during these uncertain times and we wish them well as they create more job opportunities with the backing of CIOSIF.”
The £40million Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2million to help growing small businesses across the region.
It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund managers The FSE Group.
Ken Cooper, managing director, venture solutions, at the British Business Bank, said: “This deal is another example of the growing demand for equity investment that CIOSIF is helping to drive in Cornwall and the Isles of Scilly as entrepreneurs look at options for growth. It also shows how the fund can play an important role in attracting co-investment. ”
LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “Codices is the second Falmouth Launchpad tech business to be backed by CIOSIF and shows how Cornwall has designed an eco-system that can turn tech start-ups into scale-ups in just a few years. The live streaming market is booming and Codices is helping to drive that growth.”