Two entrepreneurs who are creating a new marketplace for online gamers have secured a £200,000 investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia Fund Managers and part of the Midlands Engine Investment Fund.
The funding will allow Alex Booth and Nick Gillett to bring their idea to market. Player Lands, which will be based in Nottingham, will allow gamers with no previous experience of e-commerce to open online stores and sell the content they create or find while playing. The system will tap into the growing global market for in-game downloads and aims to become the leading e-commerce platform of its type.
Alex, a serial entrepreneur who also has a yacht and private jet hire business, came up with the idea after working as a consultant in the gaming industry. He joined forces with Nick, an angel investor and founder of London-based digital agency C360 which he sold in 2006. They set up Transaction Technologies in 2016 to pursue the idea.
Player Lands will offer customers a secure and straightforward way to buy content for their favourite games. It will give shopkeepers their own customisable store, together with tools to manage inventory, market their products and run promotions, while also providing detailed reporting to help them increase sales. The platform will be secure, easy-to-use and provide a safe environment for children as well as more seasoned players. It will use blockchain technology to create a completely transparent public ledger for each item traded.
Alex Booth, CEO of Transaction Technologies, said:
“This is an incredibly exciting time to be involved with the games industry, which despite its enormous size is still growing fast. We want to give gamers the opportunity to capitalise on their hard work in-game, letting them trade the items they’ve found or won for real cash. The investment from Mercia is going to help us bring the idea to market quickly and with the technical excellence this market demands.”
Dr Sandy Reid, Investment Manager with Mercia Fund Managers, said:
“The worldwide market for downloadable in-game content is growing rapidly and already dwarfs the income from pay-to-play games. However, it is served by mostly low-level e-commerce providers and content creators are struggling to find platforms that offer the professionalism and service that they need. The funding will enable Alex and Nick to put their idea into practice and fill this gap in the market. We feel there is a real opportunity for Player Lands to become the leading platform of its type in the coming years.”
Lewis Stringer, MEIF Senior Relationship Manager at the British Business Bank, commented:
“The innovative nature of Transaction Technologies is testament to the thriving creative and digital content sector across the Midlands. It’s great to see finance from the Midlands Engine Investment Fund being deployed in such exciting, early-stage technologies, and we look forward to Alex and Nick making a success of this forward-thinking concept.”
Lindsay Wetton, Senior Programme Manager for Business Engagement at the D2N2 Local Enterprise Partnership, said:
“Creative and digital businesses, such as Transaction Technologies, form an integral part of the Derbyshire and Nottinghamshire economy. With help from the Midlands Engine Investment Fund, the D2N2 Local Enterprise Partnership and its Growth Hub is working to ensure that businesses across its area are given the support that they need to grow, succeed and flourish.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Image: L-r: Lewis Stringer of the British Business Bank, Alex Booth, CEO of Transaction Technologies, Sandy Reid of Mercia and Mark Payton, CEO of Mercia.
For further information, contact:
Marketing & PR Executive
Mercia Fund Managers
+44 (0) 330 223 1430
+44 (0) 794 093 8488
+44 (0) 161 860 6063
+44 (0) 780 163 9816
About Mercia Fund Managers
Mercia Fund Managers provides both equity and debt finance to small businesses based in the UK regions. The Group has more than 300 businesses in its portfolio, a strong record including 11 IPOs and manages in excess of £375.0million of third party funds, including Mercia EIS Funds.
- Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
- Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
- EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
About the Midlands Engine Investment Fund (MEIF)
- The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
- The Midlands Engine Investment Fund 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 Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
- The Midlands Engine Investment Fund covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South-East Midlands in the East and South-East Midlands.
- The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.
- The European Investment Bank is providing £122,500,000 to support the Midlands Engine Investment Fund. This follows backing for the Northern Powerhouse in 2017 and backing for the newly launched North East Fund. For further information visit www.eib.org
- The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations in or planning to open material operations in the West Midlands and East & South-East Midlands.
- The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb.
About the British Business Bank
- The British Business Bank is 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. Our remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
- British Business Bank programmes are already supporting more than £4bn of finance to more than 65,000 smaller businesses, through over 100 finance partners and are participating in more than £6.6bn finance to 85 small mid-cap businesses
- British Business Bank plc is a limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.
- More information, including a legal structure chart for British Business Bank plc and its subsidiaries, can be found on the British Business Bank website.
[This is an unedited press release made available courtesy of Tips 4 Gamers and its partnership with noteworthy game PR-related resource Games Press. This press release is from Mercia Technologies. Check out more press releases here: Press Releases.]