Penryn-based tech company, Codices, has secured £250k equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), as part of a larger £650k funding round, which includes investment from both existing and new private investors.
Codices Interactive Limited (Codices) was founded in 2018 by Tim Edwards and Fern Pombeiro at the Falmouth University Launchpad Entrepreneurship programme.
It works with brands and influencers to create live interactive shows on Twitch, a video live streaming service which is a subsidiary of Amazon. By using Codices’ tools, broadcasters can build, engage and monetise their audiences through player-driven entertainment.
The Twitch platform has proven a great success with over 3 million unique active streamers and over 15 million daily active users.
Codices’ product, Quiz Kit, claims to be the most used game show creation tool on the platform globally, serving thousands of content creators across the world. With social distancing measures in place and more people staying at home, Codices has seen an upward spike in its uptake, with over a million players entertained with Quiz Kit, as at the end of June.
CEO Tim Edwards said: “During the pandemic, where we haven’t been able to socialise as much, it is increasingly important for us to stay connected to friends and family. With the increase in users, this investment will allow us to seek out new content partners to join our team, whether that be brands looking to capitalise on live streaming, or existing IP holders looking to expand their digital footprint. We are looking forward to expanding our team.”
Ralph Singleton, head of fund at The FSE Group, said: “It has been very rewarding to be a part of Tim and Fern’s journey and watch them develop the Codices technology. The team already have credits on very popular television shows such as ‘Who Wants To Be A Millionaire’ and ‘The Million Pound Drop’.
“Their Twitch extension Quiz Kit has flourished and kept people connected during these uncertain times and we wish them well as they create more job opportunities with the backing of CIOSIF.”
The £40 million Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25k to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund manager The FSE Group.
