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MOO secures £3m from Barclays Fast Growth Tech Fund

London-based online print and design business MOO has secured a £3m revolving credit facility from Barclays to support an increase in their marketing and R&D spends.

The money has been lent through Barclays newly launched Fast Growth Tech Fund which was set up to help fast growing technology businesses, such as MOO, accelerate to the next level.

MOO has experienced a sharp rise in turnover from sales of their bespoke online stationery and promotional material in recent years.

Benjamin Smith, financial director, MOO, said: “The products MOO offer have proven very popular with small businesses and for individuals whose brand, unlike those of large recognisable corporations, need a creative means to stand out from the crowd.

“MOO’s success lies in individualising otherwise ubiquitous products, so it’s vital that MOO continues to develop and innovate at all times.

“Reaching a wider audience requires a ramp up in promotional activity, and investing in product development to ensure we continue to deliver innovative products that people love.”

Hemal Rawal, relationship director, Barclays’ Technology, Media and Telecoms team, added: “MOO is an exciting business, which is seizing the opportunity to claim an even bigger stake in a very lucrative market.

“It is one of the first to benefit from our new Fast Growth Technology Fund, which was set up to plug a significant gap in the traditional way technology businesses, which have passed the start-up phase, are funded.

The business was launched in 2006 with the intention of combining professional design and the accessibility of the internet to disrupt the $640bn global print industry. From humble beginnings, it now supplies hundreds of thousands of customers in over 200 countries with its products.