Midven leads £255,000 round for Audux

Midven led the funding round with a £125,000 equity ticket from its Early Advantage Fund. According to a statement, other private investors provided the remaining capital.

The fresh capital will support Audux's product development. According to Gio Finocchio, partner at Midven, the GP is ready to invest further in the company if needed.

Midven is a venture capital firm based in Birmingham, which targets early-stage investments in West Midlands-based startups. The GP currently manages five funds. To date, Early Advantage Fund counts £9.8m in committed capital. According to the GP, the fundraising will remain open to investors until 2019.

Company
Headquartered in Ludlow, Audux was founded in 2010 by professional musician Claus Estrup Vesterskov and broadcast engineer Thomas Sondrup. The two developed POBit, a software and hardware device for compressing and broadcasting audio and video content over the internet.

The company's current headcount sits at four employees in the UK and three in Denmark.

People
Midven – Giovanni Finocchio (investment director).
Audux – Dennis Wright (chairperson); Claus Estrup Vesterskov, Thomas Sondrup (co-founders).

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• Topics
• Early-stage
• Technology
• UK / Ireland
• United Kingdom
• Midven
• Venture