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Yuuguu moves on…Secures funding from Rising Stars

Congratulations to North West’s entrepreneurs Anish Kapoor and Philip Hemsted for securing funding from Rising Stars Growth Fund in Oct 06. I am one of the first users of Yuuguu and happy to recommend the service to anyone. Whilst the functionality is limited, they have a clear product road map and with an Ace Team, they will no doubt prosper.

Here is the press release……

RisingStars Growth Fund II, the early stage technology fund managed by Enterprise Ventures, is delighted to announce that it has made its second investment from RisingStars Growth Fund II in software company, Yuuguu Limited. Yuuguu Limited, a start-up company based in Manchester, has recevied a first stage investment from the Fund to help it bring a new set of instant collaboration tools for distributed team working to market. This first stage investment will form part of a total funding package of £600,000, which will support the company at various stages of its development, culminating in the launch of its product.

Edward French, Investment Director at EV, said, "Whilst there are web-based collaboration tools in the market today, we believe the Yuuguu team have spotted a way to make it more convenient and simplt that will appeal to many organisations, large or small. The company has a talented and committed team who have experience of growing technology companies".

David Scowsill, former CEO of Opodo and now Chairman of Yuuguu, commented, "Many organisations face difficulties in enabling teams to collaborate instnatly across dispersed geographies. The Yuuguu service, which is currently in private "beta" trials, has real potential to make virtual team working as easy as being in the same location".

Anish Kapoor, Chief Executive of Yuuguu, said, "The RisingStars Growth Fund investment team at EV has been working with us for the past year as we developed our plans. It makes a real difference having an investor who understands the market, our business and shares a vision of where it can go."

RisingStars Growth Fund II, the follow-on Fund to Enterprise Ventures’ successful RisingStars Growth Fund, achieved its first closing in April 2006, raising funds from institutional and private sector clients. RisingStars Growth Fund II will invest in early stage and proof of concept technology opportunities located throughout the North of England.

RisingStars Growth Fund II was advised by Stuart Scott-Goldstone of Laytons of Manchester, whilst the company was advised by James Sheridan of Halliwells in Manchester.

By the way, Stuart is also the legal adviser for ebdex since the company was formed.

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