Edinburgh firm gets £110k for cash app

AN EDINBURGH-BASED tech start-up has raised £110,000 to develop its cash flow application aimed at entrepreneurs and small business owners.

The Float Yard have received the funding for their accountancy app. Picture: PA

The Float Yard, founded by chief executive Colin Hewitt and Philip Roberts in October 2010, will use the funds to expand its software product, Float, to connect with widely used accounting packages such as Sage and QuickBooks. Currently its application works with the platform provided by fellow Edinburgh software firm, FreeAgent.

Investor Rob Dobson will join the firm, which is based at the TechCube incubator, as a director. Dobson is the founder and was a shareholder in mobile phone software company Actix which was sold last month to US-based Amdocs for $120 million (£76.3m).

He said: “Float is in a great position to build up a significant market share within the financial industry for small businesses. I’m excited to be part of the path to success, and we have got promising plans which we will now be focusing all efforts on executing successfully.”

Meanwhile, a social media platform for sports fans founded by 28-year-old Scot, Andy Meikle, has raised $1m (£635,900) from Wychwood Capital Partners, a private equity firm based in Luxembourg.

John Paul Keane, managing director at Wychwood, said London-based Sportlobster.com is “a ground-breaking, unrivalled platform for sports fans”.