Intempo receives £1.8 million from Hotbed

Intempo Digital, the music brand which develops digital radios, iPod docking stations and speaker systems, is set to amplify its market presence after securing £1.825 million from Hotbed, the private investor network.


Intempo Digital, the music brand which develops digital radios, iPod docking stations and speaker systems, is set to amplify its market presence after securing £1.825 million from Hotbed, the private investor network.

Intempo Digital, the music brand which develops digital radios, iPod docking stations and speaker systems, is set to amplify its market presence after securing £1.825 million from Hotbed, the private investor network.

Forty-six Hotbed members have invested in Manchester-based Intempo, which will enable the company to expand its product range and focus on development in emerging technologies. The funding will further extend Intempo’s foothold in the European market.

The investment from Hotbed is part of a total £11.8 million of additional funding the company has secured, with Bank of Scotland providing working capital facilities.

Intempo is already established in the UK consumer electronics market. In 2006 the company had the highest-selling iPod speaker dock systems in Argos, Comet and on Amazon. The company also held the number one position in the UK for speaker sales at Christmas 2006.

Darren Mitchell, investment director at Hotbed, comments: ‘Intempo has a very solid management team in place, with an excellent track record of success in other electronics-related businesses behind them, so we believe they are well placed to maximise the business’ potential with this injection of funding.’

Intempo managing director Bernadette Spofforth observes that the funding will ‘take the business to the next stage, not just within the UK but across Europe’.

Marc Barber

Raven Connelly

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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