WORCESTER BASED E-COMMERCE BUSINESS SECURES UP TO £600,000 MEIF FUNDING TO SUPPORT GROWTH INITIATIVES
A Worcester-based e-commerce business has secured a funding package of up to £600,000 to help build its software and expand its operations whilst creating new employment opportunities.
DAPV Ltd, trading as Boulevard Online, secured the funding from The Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund
The funding will allow Boulevard Online to develop its online software and e-commerce platform, whilst creating six new jobs. The company’s newly launched website is a hub for suppliers which are looking to grow their product sales online – enabling them to connect and partner with the e-commerce specialists.
Dom Portman, Boulevard Online Founder, commented: “We now have customers in 85 countries worldwide, a growing team of friendly and conscientious staff and two distribution centres based in Worcester. Boulevard’s clear focus on efficient technology development has enabled us to progress from initially fulfilling orders from the largest selection of costumes and partyware in the world, to now being on course to achieve the same milestones across multiple product categories. We have embraced collaborative and positive relationships with new manufacturers, distributors and inventors and this, together with the MEIF funding package, will help us to grow further.”
Working closely with product manufacturers and distributors to grow product listings on marketplaces online, Boulevard has grown 100 per cent over the past two years and aims to become a leading marketplace seller and fulfilment company, connecting products with the end consumer on behalf of manufacturers, distributors and inventors. The business has also seen an increase in demand for its services from the UK and overseas.
Chirag Mistry, Fund Manager at The FSE Group which manages the MEIF Debt Finance Fund, adds: “We are proud to be supporting Dominic, a young, passionate entrepreneur, and top 100 recognised fastest growing tech start-up, Boulevard Online, with both its technology development and expansion plans. It is a high growth tech company pushing the boundaries to enhance the experience of the online customer journey whilst developing new technology to disrupt the market. Our support through The FSE Group and Midlands Engine Investment Fund will allow the business to continue investing in technology, people and processes as well as the creation of several jobs in the region.
Ryan Cartwright, Senior Manager at the British Business Bank, said: “Following the investment from MEIF, Boulevard Online will be able to continue optimising its e-commerce services and unlock new growth. The MEIF is available to smaller businesses in the Midlands that are looking to secure finance for a range of reasons, including to innovate, develop products or expand.”
Gary Woodman, Chief Executive of the Worcestershire Local Enterprise Partnership, said: “I am pleased to see that Boulevard Online has been able to secure funding through MEIF to expand the business and create new employment opportunities. This will not only benefit the business but will also help the local economy to build back better from the effects of COVID. MEIF has supported numerous Worcestershire businesses and I would encourage any local businesses to contact the Worcestershire Growth Hub, Worcestershire Business Central, to find out more about how they too could benefit from this great support programme.”
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.
The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.